Analysis for January 8th, 2014
DJIA Index
Index is trying to start new ascending movement. Probably, price has already completed wave
[2] and right now is forming initial impulse inside the third one. Most likely, instrument will reach new maximum during Wednesday.
As we can see at the H1 chart, correction took the form of
double zigzag pattern. Stop on my buy order is already in the black. In the nearest future, instrument is expected to continue moving upwards inside wave
(1).
Crude Oil
Oil is still forming descending impulse inside wave
(1). Earlier price completed
zigzag pattern inside wave
[B]. Probably, in the nearest future Oil may start new correction, so increasing my short position isn’t a very good idea right now.
Probably, Oil is forming
diagonal triangle pattern inside wave
5. Most likely, market will reach several new minimums, but is quite unlikely to make any significant descending movement like the one we saw last week.
RoboForex Analytical Department