Wave Analysis 23.01.2014 (DJIA Index, Crude Oil)


Analysis for January 23rd, 2014

DJIA Index

Index is still being corrected. It looks like price is finishing wave (2) inside the third wave. Possibly, in the nearest future instrument may start new ascending movement inside wave (3).

More detailed wave structure is shown on H1 chart. It looks like wave (2) is taking the form of zigzag pattern. On minor wave level, Index is completing bearish impulse inside wave C. I’m planning to open one more buy order during the formation of initial ascending wave.

Crude Oil

Oil is also still being corrected; this correction turned out to be quite fast. Most likely, price will complete wave (2) until the end of this week. However, in order to start selling it’s better to wait until instrument starts forming the third bearish wave.

As we can see at the H1 chart, Oil is forming ascending zigzag pattern inside wave (2). During correction, I opened short-term buy order; I’m planning to move stop into the black as soon as price starts moving upwards. Possibly, instrument may break maximum during the day.

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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.