Analysis for February 7th, 2014
Probably, Index is starting new ascending trend. After completing bearish impulse inside wave [C]
, market started forming initial ascending impulse. Stop on my buy order is already in the black.
More detailed wave structure is shown on H1 chart. It looks like market is growing up inside the third wave. In the future, price may start new correction, but it’s unlikely to be very long and deep.
Oil continues growing up. Probably, wave (2)
is taking the form zigzag
pattern with diagonal triangleC
inside it. Instrument may reach new maximum until the end of the week.
As we can see at the H1 chart, Oil is forming the fourth wave inside wave 5
. Most likely, local correction will complete during the next several hours. After instrument rebounds from upper border of diagonal triangle
pattern, I’ll start selling.
RoboForex Analytical Department