Wave Analysis 09.01.2014 (DJIA Index, Crude Oil)


Analysis for January 9th, 2014

DJIA Index

Index is still being corrected; probably, price may complete wave [2] during the day. Most likely, during the next several hours instrument will start growing up and forming bullish impulse inside wave (1) of [3].

More detailed wave structure is shown on H1 chart. It looks like wave [2] is taking the form of double zigzag pattern. Possibly, in the nearest future instrument may reach new minimum, but later bulls are expected to continue ascending trend.

Crude Oil

Oil reached new minimums. It looks like price is finishing descending impulse inside wave (1). Later, instrument is expected to start new correction and then form the third wave.

As we can see at the H1 chart, Oil is forming diagonal triangle pattern inside wave 5. In order to complete this wave pattern, price needs to form several more bearish waves, which may be completed by the end of this week.

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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.