Wave Analysis 23.11.2012 (DJIA Index, Crude Oil)

Analysis for November 23^rd, 2012

DJIA Index

It looks like the Index is finishing zigzag pattern inside wave [2]. Earlier the price formed a descending wedge pattern inside the first wave. Most likely, the instrument will finish a corrective movement in the nearest future, then make a reverse and start falling down inside [3].



As we can see at the H1 chart, the Index is completing a bullish impulse inside wave (C). The market may grow up a bit during Friday, but later the instrument is expected to start a new descending movement.

Crude Oil

We may assume that the price finished wave (2). At the moment Oil is forming first waves inside a new descending wave (3). After a little pause, the instrument is expected to start a new descending movement.



At the H1 chart we can see that wave 1 was completed a bit reduced. Earlier wave 2 was finished in the form of zigzag pattern. During Friday Oil is expected to start an ascending movement, which later may turn into wave 3.



 
RoboForex Analytical Department