Analysis for October 11th, 2012
DJIA Index
The Index continues forming
flat pattern inside wave
[2]. Yesterday the bears managed to break a local minimum. In the near term, the instrument may continue falling down. Today during a correction I’ve opened one more sell order, as Take Profit on yesterday’s order worked.
As we can see at the H1 chart, the price is forming an
extension inside wave
3. Earlier the instrument completed
zigzag pattern inside wave
(B). The current wave structure implies that the Index may continue moving downwards.
Crude Oil
After finishing
zigzag pattern inside wave
2, the bulls are trying to form an initial ascending impulse. So far I’ve opened only short-term orders, but after the price completes wave
[1] I’ll try to enter the long during a correction.
We may assume Oil is forming an ascending
wedge pattern inside wave
[1]. Yesterday the price formed the third wave on the minor wave level. The instrument may continue falling down inside wave
(4) during the day. Later we can expect Oil to start moving upwards and form wave
(5) of [1].
RoboForex Analytical Department