Wave Analysis 02.11.2012 (DJIA Index, Crude Oil)


Analysis for November 2nd, 2012

DJIA Index

It looks like the Index continues a corrective movement, wave [2] is taking the form of double zigzag pattern. Later we can expect the price to continue moving downwards and form a bearish wave (Y).

At the H1 chart the price is forming zigzag pattern inside wave B. On the minor wave level the Index is forming an impulse inside wave [C]. The instrument may continue growing up a little bit during Friday, but later it is expected to start moving downwards.

Crude Oil

We may assume that Oil finished zigzag pattern inside wave 2. On the minor wave level the price is forming an ascending impulse inside wave [1]. Most likely, the instrument will continue moving upwards on Friday.

As we can see at the H1 chart, after completing in impulse inside wave [C], the price formed an initial wedge pattern. Yesterday the instrument started forming the third wave. There is a possibility that the market may reach the level of $90 per barrel of Light Sweet within the next several days.

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.