Analysis for July 29th, 2014
DJIA Index
Index starts correction after completing wave
(5) of [3]. Probably, right now price is forming bearish
zigzag inside wave
(А). It is more likely that in a few hours the last minimum will be updated.
More detailed wave structure is shown at H1 chart. Presumably, initial impulse upwards is formed inside the fourth wave. When the local correction is completed, short-term growth may continue for some time.
Crude Oil
Oil is still being corrected after the bearish impulse formation inside wave
1 or A. Consequently, the further growth inside wave
2 or B is possible and price may break the last week’s maximum. In case of growth, I am planning to increase long position.
As we can see at H1 chart, on minor wave level diagonal
triangle is formed inside wave
[B]. Probably, several initial bullish impulses are formed indicating the further growth inside wave
[C].
RoboForex Analytical Department