Wave Analysis 03.01.2014 (DJIA Index, Crude Oil)

03.01.2014

Analysis for January 3rd, 2014

DJIA Index

After completing zigzag pattern inside wave 2, Index started growing up again. Right now, market is moving upwards inside the fourth wave of wave [3]. In the near term, instrument is expected to start new ascending movement inside wave (5) of [3].



More detailed wave structure is shown on H1 chart. After completing extension inside wave (3), market started correction. I opened short-term buy order during formation of short initial ascending impulse.



Crude Oil

Just as we expected, after completing zigzag pattern of wave [B], market started moving downwards. it looks like right now Oil is forming bearish impulse inside wave (1). In the near term, descending movement may yet continue.



As we can see at the H1 chart, market has already completed the third wave. Probably, price may form flat pattern inside wave 4 during Friday. In the future, instrument may fall down inside wave 5 of (1).



 
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.

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