Wave Analysis 06.02.2014 (DJIA Index, Crude Oil)


Analysis for February 6th, 2014

DJIA Index

Probably, Index completed descending impulse inside wave [C]. On minor wave level, price formed initial ascending impulse, that’s why I’ve opened quite a risky buy order with stop placed at minimum. In the near term, market is expected to move upwards inside wave (1).

More detailed wave structure is shown on H1 chart. Yesterday price completed descending wave 5 of (5). Most likely, price will finish wave 2 during the day start fast ascending movement inside the third one.

Crude Oil

Probably, Oil made a reverse. On minor weave level, after completing wave (2), price formed bearish impulse. During the day, instrument is expected to start falling down and reach new minimum.

As we can see at the H1 chart, Oil formed diagonal triangle pattern inside wave C and then completed wedge pattern inside wave [1]. In the near term, after local correction, instrument is expected to start falling down 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.