Wave Analysis 27.11.2012 (DJIA Index, Crude Oil)

27.11.2012

Analysis for November 27th, 2012

DJIA Index

It looks like the Index may continue a corrective movement for a little longer that I expected. At the moment the price is finishing an ascending impulse inside wave (A). In the future we can expect the start of a local correction.



More detailed wave structure is shown on the H1 chart. Yesterday the instrument formed the fourth wave. Most likely, the price will break the maximum while forming wave 5 of (A) during the day. During the correction I’ve decided to open a short-term buy order.



Crude Oil

The market is still consolidating. Last week the price finished the second wave. We can’t exclude a possibility that one of these days the instrument may continue moving downwards and break a local minimum. The target for the bears is at the level of $75 per barrel of Light Sweet.



As we can see at the H1 chart, an impulse inside wave 1 was completed a bit short. Earlier wave (2) was finished in the form of zigzag pattern. In the near term, the instrument is expected to start a new descending movement inside the third wave.



 
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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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