Wave Analysis 31.01.2014 (DJIA Index, Crude Oil)


Analysis for January 31st, 2014

DJIA Index

Index is still forming descending impulse inside wave [C]. On minor wave level, price is falling down inside the fifth wave. Most likely, instrument will reach several new minimums during the day.

As we can see at the H1 chart, Index completed the second wave inside the fifth one. In the future, price is expected to move downwards inside wave [3] and break previous minimum. As soon as it happens, I’ll move stop into the black.

Crude Oil

Oil is still forming ascending correction. Most likely, price will reach new local maximum during Friday. In the future, I’m planning to open sell orders after instrument forms bearish impulse.

More detailed wave structure is shown on H1 chart. In the near term, Oil is expected to complete this correction and move upwards for a while inside the fifth 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.