Article By RoboForex.com
Analysis for July 18th, 2014
DJIA Index
It looks like after completing wave (5) of [3], Index made a reverse. Probably, right now price is forming bearish impulse inside wave (A), which later may be followed by new local correction.
More detailed wave structure is shown on H1 chart. Probably, price formed diagonal triangle pattern inside wave (5). On minor wave level, Index completed impulse inside wave 1. After finishing the second wave, instrument is expected to start new descending movement inside the third one.
Crude Oil
Oil is still being corrected quite fast. In the near term, price is expected to continue growing up inside wave 2 or B, that’s why I decided to open short-term buy order during local correction.
As we can see at the H1 chart, price is about to finish wave [A]. Later, local correction may take place, but in the future instrument is expected to move upwards inside wave [C].
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RoboForex Analytical Department
Article By RoboForex.com
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
