Analysis for October 2nd, 2013
DJIA Index
The Index is still forming an ascending
diagonal triangle pattern. On the minor wave level, the market is completing the fourth wave. During the next several weeks, the instrument may move upwards and form wave
(5) of [5].
As we can see at the H1 chart, wave
(4) took the form of
zigzag pattern. It looks like the price formed an initial ascending
wedge pattern. If the Index rebounds from the
triangle’s lower border, the market may start moving upwards inside wave
[3].
Crude Oil
Oil is finishing
double three pattern inside the fourth wave. We can’t exclude a possibility that during the next several hours the price may reverse and start forming an initial impulse inside wave
1.
More detailed wave structure is shown on the H1 chart. The price formed a bearish
diagonal triangle pattern inside wave
(5) of [C]. We can’t exclude a possibility that the instrument may continue growing up inside wave
(1) during the day.
RoboForex Analytical Department