Analysis for October 9th, 2012
DJIA Index
The price continues forming
diagonal triangle pattern inside wave
(5) of [1]. We can’t exclude a possibility that one of these days the Index may break a local maximum. The short-term target for the bulls remains at the level of 13700.
As we can see at the H1 chart, the price is forming wave
[C] of 3. Earlier the instrument formed wave
[B] near the lower border of
diagonal triangle pattern. During Tuesday we can expect the Index to continue growing up.
Crude Oil
It looks like the price has finished
zigzag pattern inside wave
2. On the minor wave level the instrument is forming an ascending impulse inside wave
[1]. The target for the next several days is at the level of $95 per barrel of Light Sweet.
Yesterday Oil completed wave
(2) and started forming the third one. We can’t exclude a possibility that the price may break the maximum of wave
(1) during Tuesday. I’ll move the stop on buy order into the black as soon as possible.
RoboForex Analytical Department