Analysis for October 30th, 2013
DJIA Index
The Index was able to start a new ascending movement. It looks like the price has already completed wave
(4) and may continue forming growing up during the next several weeks. We can’t exclude a possibility that during this week the instrument may start a correction inside wave
2.
More detailed wave structure is shown on the H4 chart. We may assume that the price finished an
extension inside wave
[3]. After the price finishes the fourth wave, I’m planning to open several buy orders with the target at the end of the fifth one.
Crude Oil
Oil continues moving downwards inside wave
[A]. Most likely, in the nearest future the price will break a local minimum while forming wave
(5). Later the instrument is expected to start a deeper correction.
As we can see at the H1 chart, the instrument is falling down inside the descending channel. Earlier the price rebounded from the channel’s upper border and I moved the stop on my sell order into the black.
RoboForex Analytical Department