Analysis for October 29th, 2012
DJIA Index
The Index continues a corrective movement. It looks like the price is forming
double zigzag pattern inside wave
[2]. Most likely, the instrument will start a local correction during the week, after which we can expect the price to continue moving downwards
.
As we can see at the H1 chart, the price is completing an impulse inside wave
A. On the minor wave level the Index is forming
diagonal triangle pattern inside wave
[5]. There is a possibility that the instrument may break a local minimum on Monday.
Crude Oil
Oil continues forming
zigzag pattern inside wave
2. The price may continue falling down inside wave [C] and break a local minimum during the next several days. The target is still at the level of $84 per barrel of Light Sweet.
More detailed structure of wave
[C] is shown on the H1 chart. On the minor wave level the price is forming
diagonal triangle pattern inside wave
(5). There is a possibility that the instrument may start moving downwards again on Monday.
RoboForex Analytical Department