Analysis for November 8th, 2013
DJIA Index
After completing the fifth wave, the Index started correction. Probably, instrument is forming bearish impulse inside wave
[A]. In the near term, instrument may continue falling down.
As we can see at H1 chart, after fast growth inside wave
(5) of [5], price made fast descending movement. Possibly, on minor wave level, instrument is forming the fourth wave. Therefore, on Friday the Index may start falling down inside wave
(5) of [A].
Crude Oil
Current chart structure implies that Oil completed descending impulse inside wave
[A]. Probably, on minor wave level, bulls formed initial ascending impulse. After local correction, I expect price to continue forming wave
(A).
More detailed wave structure is shown on the H1 chart. After bearish impulse inside wave
5 of (5), instrument is trying to make local reverse. I’ll start buying as soon as Oil forms the first wave inside wave
3.
RoboForex Analytical Department