Wave Analysis 24.10.2013 (DJIA Index, Crude Oil)

24.10.2013

Analysis for October 24th, 2013

DJIA Index

We may assume that the Index finished an ascending zigzag pattern inside wave B. On the minor wave level, the price completed diagonal triangle pattern inside wave [C]. In the near term, the instrument is expected to form an initial descending impulse.



As we can see at the H1 chart, after completing wave [C], the price formed a short bearish impulse. It looks like the Index is completing a local correction. On Thursday, the instrument is expected to start falling down inside wave (4) of [1].



Crude Oil

Oil is still moving downwards; the market is falling down inside the fifth wave of wave [A]. During a correction, I opened a short-term sell order. The instrument is expected to beak the minimum in the nearest future.



More detailed wave structure is shown on the H1 chart. The instrument is extending the third wave inside wave (5). On the minor wave level, the price is completing the fourth wave and may start the fifth one during the day.



 
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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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