Wave Analysis 13.11.2013 (DJIA Index, Crude Oil)

Analysis for November 13^th, 2013

DJIA Index

Index is still forming ascending diagonal triangle pattern inside wave [5]. On minor wave level, market is moving upwards inside the third wave. Possibly, instrument may break local maximum during Wednesday.



As we can see at H1 chart, price completed two initial ascending impulses in a row. After local correction, instrument is expected to continue growing up inside wave 3. I’ll move stop into the black as soon as price breaks maximum.

Crude Oil

Bears do not let price start new correction. It looks like Oil formed long extension inside wave (3), and then, after completing the fourth wave, market started forming the fifth one and has already broken its minimum. In the future, instrument may continue falling down.



More detailed wave structure is shown on H1 chart. Oil formed horizontal triangle pattern inside wave (4) and then completed descending impulse inside wave 1. After local correction, instrument may start falling down inside wave 3 of (5).



 
RoboForex Analytical Department