Analysis for October 28th, 2013
DJIA Index
It looks like the Index is still forming an ascending
zigzag pattern inside wave
B. Earlier the price completed a bearish impulse inside wave
A. In the near term, the instrument is expected to continue moving upwards inside wave
[C] of B.
More detailed wave structure is shown on the H1 chart. We may assume that the price is forming the third wave inside wave
[C]. We can’t exclude a possibility that the Index may reach new maximums on Monday.
Crude Oil
The bears continue forming an impulse inside wave
[A]. On the minor wave level, Oil is finishing the fifth wave. Most likely, in the nearest future the instrument will break the minimum and then start a new correction.
As we can see at the H1 chart, the instrument is finishing the fourth wave inside wave
(5). I’m keeping my sell order with the target at the end of wave
5 of (5).
RoboForex Analytical Department