Analysis for October 10th, 2012
DJIA Index
It looks like a correction is now coming to a major wave level. Wave
(5) of [1] was completed a bit reduced. We may assume that right now the price is forming
flat pattern inside wave
[2]. In the near term, the instrument may continue falling down inside wave
(C).
More detailed wave structure is shown on the H1 chart. It looks like the price is forming a descending impulse inside wave
(C). On the minor wave level the Index is forming the third wave. The instrument is expected to break a local minimum during the next several days
Crude Oil
Oil continues forming an impulse inside wave
[1]. Earlier the price finished
zigzag pattern inside wave
2. Most likely, the price will continue growing up in the nearest future. The target remains at the level of $95 per barrel of Light Sweet.
As we can see at the H1 chart, Oil is forming an
extension inside wave
(3). On the minor wave level the price is forming the fourth wave. Later the instrument is expected to finish a corrective movement and start moving upwards inside wave
5 of (3).
RoboForex Analytical Department