Wave Analysis 28.10.2013 (DJIA Index, Crude Oil)

28.10.2013

Analysis for October 28th, 2013

DJIA Index

It looks like the Index is still forming an ascending zigzag pattern inside wave B. Earlier the price completed a bearish impulse inside wave A. In the near term, the instrument is expected to continue moving upwards inside wave [C] of B.



More detailed wave structure is shown on the H1 chart. We may assume that the price is forming the third wave inside wave [C]. We can’t exclude a possibility that the Index may reach new maximums on Monday.



Crude Oil

The bears continue forming an impulse inside wave [A]. On the minor wave level, Oil is finishing the fifth wave. Most likely, in the nearest future the instrument will break the minimum and then start a new correction.



As we can see at the H1 chart, the instrument is finishing the fourth wave inside wave (5). I’m keeping my sell order with the target at the end of wave 5 of (5).



 
RoboForex Analytical Department

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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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