Wave Analysis 30.10.2012 (DJIA Index, Crude Oil)

30.10.2012

Analysis for October 30th, 2012

DJIA Index

The Index continues a corrective movement. It looks like wave [2] is taking the form of double zigzag pattern. Most likely, the instrument will start a local correction in the nearest future, after which we can expect the price to continue moving downwards inside wave (Y).



More detailed structure of an impulse inside wave A is shown on the H1 chart. On the minor wave level the Index is finishing diagonal triangle pattern inside wave [5]. The instrument may break a local minimum on Tuesday.



Crude Oil

A descending movement is slowing down a bit. It looks like Oil is about to finish zigzag pattern inside wave 2. The price may break a local minimum during the day, but later we can expect the instrument to start growing up.



As we can see at the H1 chart, diagonal triangle pattern inside wave (5) is almost finished. The bears can yet reach a new minimum, but they are very unlikely to push the market deep down. The target is at the level of $84.50 per barrel of Light Sweet.



 
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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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