Wave Analysis 08.11.2013 (DJIA Index, Crude Oil)


Analysis for November 8th, 2013

DJIA Index

After completing the fifth wave, the Index started correction. Probably, instrument is forming bearish impulse inside wave [A]. In the near term, instrument may continue falling down.

As we can see at H1 chart, after fast growth inside wave (5) of [5], price made fast descending movement. Possibly, on minor wave level, instrument is forming the fourth wave. Therefore, on Friday the Index may start falling down inside wave (5) of [A].

Crude Oil

Current chart structure implies that Oil completed descending impulse inside wave [A]. Probably, on minor wave level, bulls formed initial ascending impulse. After local correction, I expect price to continue forming wave (A).

More detailed wave structure is shown on the H1 chart. After bearish impulse inside wave 5 of (5), instrument is trying to make local reverse. I’ll start buying as soon as Oil forms the first wave inside wave 3.

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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.