Analysis for November 2nd, 2012
DJIA Index
It looks like the Index continues a corrective movement, wave
[2] is taking the form of
double zigzag pattern. Later we can expect the price to continue moving downwards and form a bearish wave
(Y).
At the H1 chart the price is forming
zigzag pattern inside wave
B. On the minor wave level the Index is forming an impulse inside wave
[C]. The instrument may continue growing up a little bit during Friday, but later it is expected to start moving downwards.
Crude Oil
We may assume that Oil finished
zigzag pattern inside wave
2. On the minor wave level the price is forming an ascending impulse inside wave
[1]. Most likely, the instrument will continue moving upwards on Friday.
As we can see at the H1 chart, after completing in impulse inside wave
[C], the price formed an initial
wedge pattern. Yesterday the instrument started forming the third wave. There is a possibility that the market may reach the level of $90 per barrel of Light Sweet within the next several days.
RoboForex Analytical Department