Analysis for January 20th, 2014
Index formed several initial bullish waves and may start new ascending movement quite soon. Probably, in the nearest future price nay form extension
inside wave (3)
. During correction, I opened another buy order; In the near term, instrument is expected to break maximum.
More detailed wave structure is shown on H1 chart. It looks like price formed the first wave inside wave (3)
. I’ll move stops on my orders below latest minimum right after market start moving upwards.
Probably, Oil finished wave (2)
. Earlier, after completing zigzag
pattern inside wave [B]
, instrument formed bearish impulse inside the first one. I’m keeping my buy order; stop is at local maximum.
As we can see at the H1 chart, wave (2)
took the form of flat
pattern. On minor wave level, price finished impulse inside wave C
and started forming initial descending impulse. Instrument may continue moving downwards during the day.
RoboForex Analytical Department