Wave Analysis 06.12.2012 (DJIA Index, Crude Oil)
06.12.2012
Analysis for December 6th, 2012
DJIA Index
It looks like after completing a descending wedge pattern inside wave [1], the Index finished a correction in the form of zigzag pattern. On the minor wave level the price is forming a descending impulse. In the near term, the instrument is expected to start falling down again.
Wave (C) was finished in the form of diagonal triangle pattern. It looks like yesterday the price completed flat pattern inside wave 2. During the day the bears are expected to push the price towards new minimums.
Crude Oil
It looks like Oil has finished double zigzag pattern inside wave (2). Earlier the price completed a descending wedge pattern inside wave (1). The forecast of the price movement is still bearish. Most likely, in the nearest future the instrument will start falling down inside the third wave.
As we can see at the H1 chart, the price is forming a descending impulse inside the first wave. Several days ago Oil finished zigzag pattern inside wave Y. During the day the instrument is expected to start moving downwards again.
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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.