Wave Analysis 05.02.2014 (DJIA Index, Crude Oil)

05.02.2014

Analysis for February 5th, 2014

DJIA Index

Index is still moving downwards. It looks like right now price is forming bearish impulse inside wave [C]. In the near term, market is expected to fall down inside the fifth wave. Instrument may reach new local minimum during the day.



More detailed wave structure is shown on H1 chart. It looks like price is extending the third wave inside wave 5. Later instrument is expected to start local correction inside wave [4].




Crude Oil

Probably, Oil completed wave (2). On minor weave level, market is forming initial descending impulse. During the next several hours, instrument may start falling down again inside wave 1.



As we can see at the H1 chart, Oil formed diagonal triangle pattern inside wave C and then completed wedge pattern inside wave 1. After completing local correction, instrument is expected to start falling down inside the third wave.



 
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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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