Wave Analysis 06.11.2012 (DJIA Index, Crude Oil)

06.11.2012

Analysis for November 6th, 2012

DJIA Index

It looks like the Index continues forming a descending double zigzag pattern. Most likely, the instrument will continue moving downwards in the nearest future and reach a new local minimum during the day.



More detailed wave structure is shown on the H1 chart. After completing zigzag pattern inside wave B, the price formed an initial impulse inside wave [1]. After completing a correction, the instrument is expected to start moving downwards inside the third wave.



Crude Oil

Oil is finishing a descending impulse inside wave [C]. The price may reach a new local minimum on Tuesday. Later we can expect the instrument to make a reverse and start forming a bullish wave [1].



As we can see at the H1 chart, wave (4) took the form of flat pattern. On the minor wave level the price formed an initial descending impulse. In the near term, we can expect the instrument to start moving downwards and forming wave 3 of (5).



 
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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