Wave Analysis 07.02.2014 (DJIA Index, Crude Oil)


Analysis for February 7th, 2014

DJIA Index

Probably, Index is starting new ascending trend. After completing bearish impulse inside wave [C], market started forming initial ascending impulse. Stop on my buy order is already in the black.

More detailed wave structure is shown on H1 chart. It looks like market is growing up inside the third wave. In the future, price may start new correction, but it’s unlikely to be very long and deep.

Crude Oil

Oil continues growing up. Probably, wave (2) is taking the form zigzag pattern with diagonal triangleC inside it. Instrument may reach new maximum until the end of the week.

As we can see at the H1 chart, Oil is forming the fourth wave inside wave 5. Most likely, local correction will complete during the next several hours. After instrument rebounds from upper border of diagonal triangle pattern, I’ll start selling.

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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.