Wave Analysis 12.11.2012 (DJIA Index, Crude Oil)


Analysis for November 12th, 2012

DJIA Index

We may assume that the Index finished forming double zigzag pattern inside wave [2]. There is a possibility that right now the instrument is making a reverse in an upward direction. The price may continue growing up towards the level of 13000 during the day.

More detailed wave structure is shown on the H1 chart. Wave C took the form of diagonal triangle pattern. On the minor wave level the Index completed wave [2], so we can expect the price to start moving upwards inside wave [3].

Crude Oil

We may assume that zigzag pattern inside wave 2 has been finally completed. On the minor wave level the price is forming an initial ascending impulse. The market may grow up on Monday. I’ll move the stop on my buy order into the black as soon as possible.

As we can see at the H1 chart, wave (4) was finished in the form of divergent horizontal triangle pattern. It looks like at the moment the price is forming an ascending wedge pattern. In the near term, Oil is expected to break a local maximum.

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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.