Wave Analysis 28.11.2013 (DJIA Index, Crude Oil)
28.11.2013
Analysis for November 28th, 2013
DJIA Index
Index is still moving upwards. It looks like right now price is forming extension inside wave (3). In the near term, instrument may continue growing up for a while, but later market is expected to start local correction inside wave (4).
More detailed new wave structure is shown on H1 chart. Price formed the fourth wave inside wave (3) and bulls broke maximum. During the day, we can expect new extremum inside wave 5 of (3).
Crude Oil
Oil continues moving downwards inside the fifth wave; earlier price formed long bearish extension inside wave (3). This wave is far from completion, that’s why we can expect new minimums quite soon.
As we can see at the H1 chart, price is forming the fourth wave inside wave 3. Probably, instrument may complete this correction during the day and start new descending movement inside wave [5] of 3.
RoboForex Analytical Department
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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.