Analysis for November 9th, 2012
DJIA Index
The Index continues forming
double zigzag pattern inside wave
[2]. Currently the instrument is finishing
zigzag pattern inside wave
(Y), but the bears may yet move the price about 100 pips lower. We can’t exclude a possibility that the price may reach the level of 12700 on Friday.
As we can see at the H1 chart, after completing
flat pattern inside wave
B, the market started moving downwards again. At the moment the price is forming a descending impulse inside wave
C. On the minor wave level the Index is forming the third wave. Most likely, the instrument will continue falling down in the nearest future.
Crude Oil
Oil may continue a corrective movement. Wave
2 is taking the form of a classic
zigzag pattern
. On the minor wave level the price is forming a descending impulse inside wave
[C]. Most likely, the bears will reach several new local minimums during the next several days and reach the level of $83 per barrel of Light Sweet.
More detailed wave structure is shown on the H1 chart. After finishing
divergent horizontal triangle pattern inside the fourth wave, the price started forming
diagonal triangle pattern inside wave
(5) of [C]. Most likely, Oil will continue moving downwards during Friday.
RoboForex Analytical Department