Analysis for October 30th, 2012
DJIA Index
The Index continues a corrective movement. It looks like wave
[2] is taking the form of
double zigzag pattern. Most likely, the instrument will start a local correction in the nearest future, after which we can expect the price to continue moving downwards inside wave
(Y).
More detailed structure of an impulse inside wave
A is shown on the H1 chart. On the minor wave level the Index is finishing
diagonal triangle pattern inside wave
[5]. The instrument may break a local minimum on Tuesday.
Crude Oil
A descending movement is slowing down a bit. It looks like Oil is about to finish
zigzag pattern inside wave
2. The price may break a local minimum during the day, but later we can expect the instrument to start growing up.
As we can see at the H1 chart,
diagonal triangle pattern inside wave
(5) is almost finished. The bears can yet reach a new minimum, but they are very unlikely to push the market deep down. The target is at the level of $84.50 per barrel of Light Sweet.
RoboForex Analytical Department