Wave Analysis 15.11.2013 (DJIA Index, Crude Oil)
15.11.2013
Analysis for November 15th, 2013
DJIA Index
Index continues forming ascending diagonal triangle pattern in wave [5]. On minor wave level, price is completing third wave inside it. Possibly, instrument may start new correction during the next several hours.
More detailed wave structure is shown on H1 chart. It looks like price is forming the fifth wave inside wave (3). During Friday, instrument may reach new maximums, but quite soon it is expected to start new correction.
Crude Oil
Despite current correction, bears may continue pushing price downwards inside the fifth wave. I keep selling with stop placed at local minimums. Oil may break minimum in the nearest future.
Considering that previous descending movement turned out to be double three pattern, it’s quite logical to expect that right now price is forming diagonal triangle pattern with the second wave inside it. After instrument forms first initial impulses inside wave 3, I’ll increase my short position.
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.