Wave Analysis 29.01.2014 (DJIA Index, Crude Oil)


Analysis for January 29th, 2014

DJIA Index

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.

Crude Oil

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.

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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.