Analysis for February 3rd, 2014
Index continues forming bearish impulse inside wave [C]
. On minor wave level, price is finishing the fifth wave. Possibly, instrument may reach new local minimum during the day.
More detailed wave structure is shown on H1 chart. It looks like wave 5
is taking the form of diagonal triangle pattern,
which may be completed by Tuesday.
Oil is still growing up inside the second wave. Price may continue moving upwards during the next several days. Later, instrument is expected to reverse and start new and strong descending movement inside the third wave.
As we can see at the H1 chart, Oil is forming diagonal triangle
pattern inside wave C
. On minor wave level, price is falling down inside the second wave. I’m opening buy orders with target above local maximum.
RoboForex Analytical Department