Wave Analysis 01.11.2013 (DJIA Index, Crude Oil)


Analysis for November 1st, 2013

DJIA Index

The Index is still forming an ascending impulse with the fourth wave inside it. In the near term, the price is expected to start a new ascending movement inside wave [5] of 1. The instrument may break the maximum in the nearest future.

More detailed wave structure is shown on the H1 chart. We may assume that the price is forming zigzag pattern wave [4]. The instrument may complete wave (C) during the day.

Crude Oil

The bears continue forming a descending impulse inside wave [A]; the price moved very close to the local minimum. Most likely, the instrument will start a new correction next week.

As we can see at the H1 chart, the instrument is finishing the short fifth wave inside wave 5. Earlier the price rebounded from the channel’s upper border and finished the fourth wave. There is a possibility that the instrument may reach a new minimum before the end of the day.

RoboForex Analytical Department


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.