Analysis for January 21st, 2014
Index continues moving upwards and may reach new maximum inside wave (3)
during the day. Stop on my orders is already in the black; in the future, I’m planning to move it following the market.
More detailed wave structure is shown on H1 chart. After forming several first waves, market finally started the third one. Possibly, instrument may form extension
inside wave 3
Probably, Oil finished correction inside wave (2)
. Earlier, instrument formed bearish impulse inside wave (1)
. I’ve got only one sell order so far, but I plan to increase my position right after instrument starts moving downwards.
As we can see at the H1 chart, wave (2)
took the form of flat
pattern. On minor wave level, price finished descending impulse inside wave 1
. After local correction, instrument is expected to start moving downwards inside wave 3
RoboForex Analytical Department