Wave Analysis 20.01.2014 (DJIA Index, Crude Oil)

20.01.2014

Analysis for January 20th, 2014

DJIA Index

Index formed several initial bullish waves and may start new ascending movement quite soon. Probably, in the nearest future price nay form extension inside wave (3). During correction, I opened another buy order; In the near term, instrument is expected to break maximum.



More detailed wave structure is shown on H1 chart. It looks like price formed the first wave inside wave (3). I’ll move stops on my orders below latest minimum right after market start moving upwards.



Crude Oil

Probably, Oil finished wave (2). Earlier, after completing zigzag pattern inside wave [B], instrument formed bearish impulse inside the first one. I’m keeping my buy order; stop is at local maximum.



As we can see at the H1 chart, wave (2) took the form of flat pattern. On minor wave level, price finished impulse inside wave C and started forming initial descending impulse. Instrument may continue moving downwards during the day.



 
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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