Analysis for September 28th, 2012
DJIA Index
We may assume that the price continues forming
diagonal triangle pattern inside wave
(5) of [1]. In the near term, the Index is expected to start moving upwards again. Later the bulls may reach the levels of 13700-13800, and then the instrument may start a corrective movement.
At the H1 chart wave
2 has been completed in the form of
zigzag pattern. It looks like the price has started to form the third wave. The Index may break a local maximum by the middle of the next week.
Crude Oil
We can’t exclude a possibility that the correction has been already finished and wave
2 has taken the form of
zigzag pattern. On the minor wave level Oil is forming an initial wave
[1]. In the near term, we can expect the price to continue growing up.
As we can see at the H1 chart, wave
[C] of 2 turned out to be quite short. At the moment Oil is finishing wave
(1). After the instrument finishes a corrective movement, the price is expected to start growing up inside wave
(3) of [1].