Wave Analysis 30.10.2013 (DJIA Index, Crude Oil)

30.10.2013

Analysis for October 30th, 2013

DJIA Index

The Index was able to start a new ascending movement. It looks like the price has already completed wave (4) and may continue forming growing up during the next several weeks. We can’t exclude a possibility that during this week the instrument may start a correction inside wave 2.



More detailed wave structure is shown on the H4 chart. We may assume that the price finished an extension inside wave [3]. After the price finishes the fourth wave, I’m planning to open several buy orders with the target at the end of the fifth one.



Crude Oil

Oil continues moving downwards inside wave [A]. Most likely, in the nearest future the price will break a local minimum while forming wave (5). Later the instrument is expected to start a deeper correction.



As we can see at the H1 chart, the instrument is falling down inside the descending channel. Earlier the price rebounded from the channel’s upper border and I moved the stop on my sell order into the black.



 
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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