Wave Analysis 28.01.2014 (DJIA Index, Crude Oil)


Analysis for January 28th, 2014

DJIA Index

Index continues falling down. Probably, price is forming flat pattern inside the second wave. On minor wave level, instrument is finishing wave (3). Possibly, price may reach new minim during Tuesday and then start new correction.

More detailed wave structure is shown on H1 chart. Yesterday Index formed extension inside the third wave, and right now market is being corrected inside the fourth one. In the near term, instrument is expected to start new descending movement inside wave 5 of (3).

Crude Oil

It looks like Oil completed wave (2) and started falling down inside the third one. I managed to move stop on my sell order into the black. In the future, price is expected to reach new minimums.

As we can see at the H1 chart, wave (2) took the form of zigzag pattern. On minor wave level, price is forming bearish impulse inside wave 1. After local correction, instrument is expected to continue falling down.

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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.