Analysis for January 29th, 2014
Index continues forming descending impulse inside wave [C]
. On minor wave level, instrument is finishing the fourth wave. During correction, I opened sell order with target placed at the end of descending wave (5) of [C]
More detailed wave structure is shown on H1 chart. Earlier Index completed extension
inside the third wave. It looks like wave 4
took the form of zigzag
pattern. Instrument is expected to break minimum of the third wave during the day.
Oil is still being corrected. It looks like right now price is forming zigzag
pattern inside the second wave. During local pullback, I opened short-term buy order. Most likely, price will reach new maximum during the day.
As we can see at the H1 chart, after finishing wave B
, Oil formed bullish impulse inside the first wave. Local correction is about to finish quite soon, that’s why in the nearest future instrument is expected to start new ascending movement inside the third wave.
RoboForex Analytical Department