Wave Analysis 22.10.2013 (DJIA Index, Crude Oil)

22.10.2013

Analysis for October 22nd, 2013

DJIA Index

It looks like the Index is finishing zigzag pattern inside wave B. On the minor wave level, the price is completing diagonal triangle pattern inside wave [C]. We can’t exclude a possibility that the instrument may reverse during the next several days.



More detailed wave structure is shown on the H1 chart. Yesterday the price completed zigzag pattern inside wave (5). I’ve opened a sell order and plan to move the stop into the black as soon as the price starts moving downwards.



Crude Oil

We may assume that Oil completed double three pattern inside wave (4). In the nearest future, the instrument may start growing up and forming an initial ascending impulse of a new up-trend.



As we can see at the H1 chart, Oil formed diagonal triangle pattern inside wave [C]. On the minor wave level, the price completed zigzag pattern inside wave (5). If the price rebounds from the pattern’s lower border, the bulls will start a new ascending movement.



 
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

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