Wave Analysis 24.01.2014 (DJIA Index, Crude Oil)


Analysis for January 24th, 2014

DJIA Index

Correction us taking too much time, but main scenario still implies that Index may start new ascending movement. It looks like wave [2] is taking the form of double zigzag pattern. In the nearest future, instrument is expected to may start new ascending movement inside the third wave.

More detailed wave structure is shown on H1 chart. Probably, Index completed zigzag pattern inside wave (Y) of [2]. On minor wave level, price formed impulse inside wave 1. After local correction, instrument is expected to start moving upwards inside wave 3.

Crude Oil

Oil continues moving upwards; Main scenario still implies that price may complete wave (2) until the end of this week. Right now, it’s too risky to sell and too early to buy, that’s why I’m staying out of the market.

As we can see at the H1 chart, Oil is forming zigzag pattern inside wave (2). On minor wave level, price is finishing ascending impulse inside wave C. During the next several days, instrument may start falling down inside wave 1.

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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.