Wave Analysis 29.10.2012 (DJIA Index, Crude Oil)

29.10.2012

Analysis for October 29th, 2012

DJIA Index

The Index continues a corrective movement. It looks like the price is forming double zigzag pattern inside wave [2]. Most likely, the instrument will start a local correction during the week, after which we can expect the price to continue moving downwards.



As we can see at the H1 chart, the price is completing an impulse inside wave A. On the minor wave level the Index is forming diagonal triangle pattern inside wave [5]. There is a possibility that the instrument may break a local minimum on Monday.



Crude Oil

Oil continues forming zigzag pattern inside wave 2. The price may continue falling down inside wave [C] and break a local minimum during the next several days. The target is still at the level of $84 per barrel of Light Sweet.



More detailed structure of wave [C] is shown on the H1 chart. On the minor wave level the price is forming diagonal triangle pattern inside wave (5). There is a possibility that the instrument may start moving downwards again on Monday.



 
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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