Wave Analysis 21.11.2013 (DJIA Index, Crude Oil)


Analysis for November 21st, 2013

DJIA Index

Index started correction. Probably, right now price is forming ascending impulse in wave [5] of 1. On minor wave level, after completing the fourth wave, instrument is expected to continue growing up inside the fifth one.

More detailed new wave structure is shown on H1 chart. It looks like wave (4) is taking the form of flat pattern with wave C inside it. Possibly, instrument may reach new maximum until the end of the week.

Crude Oil

Oil continues consolidating. Probably, after completing wave (4), market started falling down inside the fifth one. I have two sell orders and plan to move stop into the black after instrument breaks minimum.

As we can see at the H1 chart, wave (4) was finished in the form of horizontal triangle pattern. Right now, Oil is forming diagonal triangle pattern inside the fifth wave, in which price is forming descending wave 3. During the day, instrument is expected to continue falling down.

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.