Analysis for October 16th, 2012
DJIA Index
It looks like the Index completed
zigzag pattern inside wave
[2]. On the minor wave level the price is forming an initial ascending impulse inside wave
(1). Most likely, in the nearest future the market will continue growing up and break a local maximum.
As we can see at the H1 chart, after completing
diagonal triangle pattern inside wave
5, the price formed an ascending impulse inside wave
1. During Tuesday we can expect a local correction to take place. Later the Index may continue moving upwards and form wave
3 of (1).
Crude Oil
We may assume that Oil is forming an ascending
wedge pattern inside wave
[1]. Yesterday my stop, which had been moved into the black, worked, that’s why I’ve opened one more order. Most likely, in the nearest future the instrument will continue moving upwards and break a local maximum.
At the H1 chart we can see that wave
C of (4) took the form of
diagonal triangle pattern and the price finished a corrective movement. On Monday Oil completed an initial wave
1. It looks like “rally” phase of wave
3 has already started.
RoboForex Analytical Department