Analysis for October 21st, 2013
DJIA Index
We may assume that the Index is finishing wave
B in the form of
zigzag pattern. On the minor wave level, the price is completing
diagonal triangle pattern inside wave
[C]. We can’t exclude a possibility that in the nearest future the instrument may reverse.
More detailed wave structure is shown on the H1 chart. The price is finishing the fifth wave inside
diagonal triangle pattern. The market rebounded from the pattern’s upper border and may start moving downwards.
Crude Oil
It looks like wave
(4) is taking the form of
double three pattern. There is a possibility that the price may yet break the minimum. However, later the instrument may start growing up while forming an initial ascending impulse.
As we can see at the H1 chart, Oil is forming
diagonal triangle pattern inside wave
[C]. The price is expected to continue falling down inside wave
(5) during the day. I opened a short-term sell order.
RoboForex Analytical Department