Wave Analysis 11.02.2014 (DJIA Index, Crude Oil)
11.02.2014
Analysis for February 11th, 2014
DJIA Index
It looks like after finishing wave [C], Index formed initial ascending impulse inside wave (1). Possibly, price already completed the second wave as well and right now is growing up inside the third one. Probably, market may reach level of 16000 during this week.
More detailed wave structure is shown on H1 chart. On minor wave level, after completing wave (2), market started forming the first wave inside wave (3). In the future, instrument may form local correction inside the second wave, after which I’m planning to open one more order.
Crude Oil
It looks like Oil completed wave (2) in the form zigzag pattern. However, right now it’s quite risky to sell, that’s why I’m waiting until price forms bearish impulse inside wave 1 and makes a reverse.
As we can see at the H1 chart, after forming B in the form of skewed triangle pattern, Oil completed impulse inside wave C. Yesterday, price finished the fifth wave and may start forming initial descending impulse quite soon.
RoboForex Analytical Department
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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.