Analysis for November 23rd, 2012
DJIA Index
It looks like the Index is finishing
zigzag pattern inside wave
[2]. Earlier the price formed a descending
wedge pattern inside the first wave. Most likely, the instrument will finish a corrective movement in the nearest future, then make a reverse and start falling down inside
[3].
As we can see at the H1 chart, the Index is completing a bullish impulse inside wave
(C). The market may grow up a bit during Friday, but later the instrument is expected to start a new descending movement.
Crude Oil
We may assume that the price finished wave
(2). At the moment Oil is forming first waves inside a new descending wave
(3). After a little pause, the instrument is expected to start a new descending movement.
At the H1 chart we can see that wave
1 was completed a bit reduced. Earlier wave
2 was finished in the form of
zigzag pattern. During Friday Oil is expected to start an ascending movement, which later may turn into wave
3.
RoboForex Analytical Department