Wave Analysis 19.02.2014 (DJIA Index, Crude Oil)


Analysis for February 19th, 2014

DJIA Index

Index formed two initial ascending impulses. In the nearest future, instrument is expected to start forming extension inside wave [3]. Possibly, price may reach new local maximum during the day.

As we can see at the H1 chart, Index is about to finish wave (2) in the form of zigzag pattern. Probably, in the nearest future price may form short bullish impulse inside wave 1, and then I’m planning to increase my short positions.

Crude Oil

Oil continues moving upwards. Probably, wave [B] is taking the form of double zigzag pattern. During local correction, I opened buy order with stop placed a bit lower than latest maximum. It looks like during the next several days bulls are going to continue pushing price upwards.

More detailed wave structure is shown on H1 chart.  Probably, market is forming the third wave inside wave C. Instrument may complete local correction during the day and then break local maximum.

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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.