Wave Analysis 31.10.2013 (DJIA Index, Crude Oil)

31.10.2013

Analysis for October 31st, 2013

DJIA Index

The Index is still forming an ascending impulse inside wave 1. Yesterday the price started the fourth wave and may continue forming it for a while. Later I expect the instrument to continue growing up inside the fifth wave, where I’m planning to start trading.



More detailed wave structure is shown on the H1 chart. We may assume that the price finished an impulse (A) inside wave [4]. After the price finishes the current local correction, the instrument may complete the final part of the correction inside wave (C) of [4].



Crude Oil

Oil continues moving downwards; it looks like the price is going to break the latest minimum. After completing wave (5) of [1], the instrument may start an ascending correction.



As we can see at the H1 chart, the instrument is forming wave 5 inside the descending channel. Earlier the price rebounded from the channel’s upper border and finished the fourth wave. The instrument may continue falling down 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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