Analysis for July 31st, 2014
DJIA Index
Index still continues its descending correction. Current wave pattern implies that instrument may be falling for some time inside wave
(A), therefore, I am still keeping sell orders.
More detailed wave structure is shown at H1 chart. Presumably, wave
[3] is practically completed and price may start correction in a few hours. Consequently, I expect that price may resume descending movement inside wave
[5] of 3.
Crude Oil
Oil is still being corrected. Probably, price may start new ascending movement inside wave
2 or B in a few hours. When price starts its ascending movement, I am planning to move stop loss on order into the back.
Probably, wave
[B] formed
zigzag with
triangle inside wave
(X). I have only one buy order with stop loss lower minimum. If price forms bullish impulse, I am planning to increase short position.
RoboForex Analytical Department