Wave Analysis 10.02.2014 (DJIA Index, Crude Oil)


Analysis for February 10th, 2014

DJIA Index

Probably, Index finished wave 2 in the form of flat pattern. On minor wave level, price completed initial impulse inside wave (1). After local correction, market is expected to start growing up inside the third wave.

More detailed wave structure is shown on H1 chart. It looks like market is falling down inside wave A. Current correction may yet continue during the next several days, and then I’m planning to increase my long position.

Crude Oil

Possibly, Oil completed wave (2) in the form zigzag pattern with triangleB inside it. When price started reversing, I opened sell order and has already moved stop into the black. In the near term, instrument is expected to start falling down inside wave 1.

As we can see at the H1 chart, wave B took the form of skewed triangle pattern. After price completes impulse inside wave [1] and local correction, I’m planning to open another sell order.

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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.