Wave Analysis 29.08.2014 (DJIA Index, Crude Oil)
29.08.2014
Analysis for August 29th, 2014
DJIA Index
It looks like Index continues forming an ascending impulse wave (A). Possibly, bulls may reach a new high during Friday. However, they are quite unlikely to be strong enough to continue, and the price may start a new correction the next week.
Crude Oil
In case of Oil, the current correction is becoming deeper; probably, the price is about to finish the fourth wave. In the future, the market may test the channel’s upper border, and if the price rebounds from it, Oil will start a new descending movement inside the fifth wave. I’m staying out of the market right now and planning to start selling after the price forming first initial bearish impulses.
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.