Wave Analysis 10.01.2014 (DJIA Index, Crude Oil)
10.01.2014
Analysis for January 10th, 2014
DJIA Index
It looks like Index completed correction. I opened buy order during the formation of the first wave; stop is at local minimum. In the future, instrument is expected to start growing up inside wave (1).
As we can see at the H1 chart, wave (2) took the form of double three pattern. On minor wave level, price is forming bullish impulse inside wave 1. Instrument may break maximum during Friday.
Crude Oil
Probably, Oil finished descending impulse inside wave (1). I’ve closed my buy order and right now is out of the market. Most likely, during the next several days instrument will be corrected inside the second wave.
More detailed wave structure is shown on H1 chart. Yesterday bears finished the fifth wave inside wave (1) and then market started growing up. In the near term, price may continue moving upwards inside wave A.
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.