Analysis for February 4th, 2014
Index continues forming descending impulse inside wave [C]
. On minor wave level, price is extending the fifth wave. I opened short-tern sell order during local correction; target is at the end of bearish impulses of wave (5) of [C]
More detailed wave structure is shown on H1 chart. It looks like price is finishing the third wave. After completing local correction, instrument is expected to continue falling down. After price breaks minimum, I’ll move stop on my order into the black.
Probably, Oil completed wave (2)
. On minor weave level, market is moving downwards inside the first wave. Possibly, during the day instrument may continue falling down and reach new minimums.
As we can see at the H1 chart, Oil formed diagonal triangle
pattern inside wave C of (2)
. On minor wave level, price finished initial descending impulse. After completing local correction, instrument is expected to start falling down inside the third wave.
RoboForex Analytical Department