Wave Analysis 21.01.2014 (DJIA Index, Crude Oil)


Analysis for January 21st, 2014

DJIA Index

Index continues moving upwards and may reach new maximum inside wave (3) during the day. Stop on my orders is already in the black; in the future, I’m planning to move it following the market.

More detailed wave structure is shown on H1 chart. After forming several first waves, market finally started the third one. Possibly, instrument may form extension inside wave 3.

Crude Oil

Probably, Oil finished correction inside wave (2). Earlier, instrument formed bearish impulse inside wave (1). I’ve got only one sell order so far, but I plan to increase my position right after instrument starts moving downwards.

As we can see at the H1 chart, wave (2) took the form of flat pattern. On minor wave level, price finished descending impulse inside wave 1. After local correction, instrument is expected to start moving downwards inside wave 3.

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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.