Analysis for October 22nd, 2013
DJIA Index
It looks like the Index is finishing
zigzag pattern inside wave
B. On the minor wave level, the price is completing
diagonal triangle pattern inside wave
[C]. We can’t exclude a possibility that the instrument may reverse during the next several days.
More detailed wave structure is shown on the H1 chart. Yesterday the price completed
zigzag pattern inside wave
(5). I’ve opened a sell order and plan to move the stop into the black as soon as the price starts moving downwards.
Crude Oil
We may assume that Oil completed
double three pattern inside wave
(4). In the nearest future, the instrument may start growing up and forming an initial ascending impulse of a new up-trend.
As we can see at the H1 chart, Oil formed
diagonal triangle pattern inside wave
[C]. On the minor wave level, the price completed
zigzag pattern inside wave
(5). If the price rebounds from the pattern’s lower border, the bulls will start a new ascending movement.
RoboForex Analytical Department