Wave Analysis 20.11.2013 (DJIA Index, Crude Oil)

20.11.2013

Analysis for November 20th, 2013

DJIA Index

Ascending trend continues. Probably, Index right now is forming bullish impulse in wave [5] of 1. After completing local correction, price is expected to continue growing up inside wave (5).



More detailed new wave structure is shown on H1 chart. It looks like price is completing the fourth wave inside wave [5]. Possibly, instrument may reach new maximum during Wednesday.



Crude Oil

In case of Oil, bearish trend continues. Most likely, during the next several days price will continue falling down inside the fifth wave. Later, instrument may start new correction, which may result in quite deep pullback.



As we can see at the H1 chart, Oil is forming diagonal triangle pattern inside wave (5). In the near term, instrument may continue falling down inside the third wave, that’s why I’m holding my sell orders.



 
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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