Wave Analysis 31.07.2014 (DJIA Index, Crude Oil)
31.07.2014
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.
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
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
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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.