Wave Analysis 19.11.2013 (DJIA Index, Crude Oil)
19.11.2013
Analysis for November 19th, 2013
DJIA Index
Current wave structure has been changed a little bit. Probably, earlier Index completed extension inside the third wave and right now is forming impulse in wave [5]. In the future, price is expected to continue growing up inside wave (3), that’s why I’m buying again.
More detailed new wave structure is shown on H1 chart. It looks like price is completing the fourth wave inside wave (3). Most likely, instrument will reach new maximum during the day.
Crude Oil
Bears are keeping control of current trend. Possibly, during the day Oil may reach new minimum while forming wave (5). However, instrument may start new correction quite soon.
As we can see at the H1 chart, wave (5) is taking the form of diagonal triangle pattern. On minor wave level, instrument is falling down inside the third wave. I have two sell orders and plan to move stop into the black as soon as price breaks minimum.
RoboForex Analytical Department
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.