Article By RoboForex.com
DJIA Index
Index continues breaking its historic maximums. It looks like right now price is forming bullish impulse inside the third wave. In the near term, after slight correction, instrument is expected to continue growing up.
More detailed wave structure is shown on H1 chart. Probably, price finished wave [3] inside wave 3 and started new correction. Later, after completing wave [4], Index is expected to start growing up inside the fifth one.
Probably, Oil is forming the first wave, a reversal one. Earlier price formed long zigzag pattern inside wave 2. In the near term, after completing ascending correction, instrument is expected to continue falling down towards previous minimums.
As we can see at the H1 chart, after finishing wedge pattern inside wave (1), price started forming flat pattern. On minor wave level, Oil is forming diagonal triangle pattern inside wave C. Later instrument is expected to start falling down inside wave 1.
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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 LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.