Wave Analysis 08.01.2014 (DJIA Index, Crude Oil)


Analysis for January 8th, 2014

DJIA Index

Index is trying to start new ascending movement. Probably, price has already completed wave [2] and right now is forming initial impulse inside the third one. Most likely, instrument will reach new maximum during Wednesday.

As we can see at the H1 chart, correction took the form of double zigzag pattern. Stop on my buy order is already in the black. In the nearest future, instrument is expected to continue moving upwards inside wave (1).

Crude Oil

Oil is still forming descending impulse inside wave (1). Earlier price completed zigzag pattern inside wave [B]. Probably, in the nearest future Oil may start new correction, so increasing my short position isn’t a very good idea right now.

Probably, Oil is forming diagonal triangle pattern inside wave 5. Most likely, market will reach several new minimums, but is quite unlikely to make any significant descending movement like the one we saw last week.

RoboForex Analytical Department


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.