Wave Analysis 07.11.2013 (DJIA Index, Crude Oil)

Analysis for November 7^th, 2013

DJIA Index

The Index continues growing up; yesterday the bulls broke maximum of the third wave. Most likely, in future the instrument will continue rising, because internal structure of wave [5] of 1 is far from completion.



More detailed wave structure is shown on the H1 chart. Probably, price is extending wave (3). On minor wave level, the instrument is completing the fourth wave. Possibly, soon instrument may start rising inside 5 of (3).

Crude Oil

Oil is reversing; it completed impulse inside wave [A]. Probably, bulls are forming impulse inside wave (A). I’ve moved stop on my buy order into the black; price is expected to continue growing up.



As we can see at H1 chart, instrument stopped rising near the channel’s upper border. If Oil breaks it, price may start a new correction. Possibly, instrument may reach new local maximum during the day.



 
RoboForex Analytical Department