Wave Analysis 24.10.2012 (DJIA Index, Crude Oil)


Analysis for October 24th, 2012

DJIA Index

The Index continues a corrective movement. There is a possibility that wave [2] may take the form of double zigzag pattern. On the minor wave level the price is forming wave (Y). Most likely, the instrument will continue falling down in the nearest future.

Wave (X) was finished in the form of zigzag pattern. It looks like the price is forming the fourth wave inside wave A. If the market rebounds from the current levels, the instrument will start moving downwards and form wave [5] of A.

Crude Oil

Oil continues a corrective movement. Yesterday the bears reached a new local minimum and Take Profit on my sell order worked. There is a possibility that the price may continue falling down towards the level of $85 during the day.

As we can see the H1 chart, the price is forming the fourth wave inside wave [C]. It looks like the correction is almost finished. During the next several hours we can expect the instrument to start moving downwards inside wave (5) and break the minimum of wave (3).

RoboForex Analytical Department


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.