Article By RoboForex.com
Analysis for August 19th, 2014
DJIA Index
Despite bears’ attempts to reverse the market downwards, Index is still moving upwards. Possibly, the price is forming diagonal triangle pattern inside wave C, and may continue growing for a while in the nearest future. Right now, I’m staying out of the market, but during a future correction I’m planning to start buying with the target at the beginning of the fifth wave.
Crude Oil
Oil made a strong descending movement, broke the minimum of wave [1], and started falling inside the third one. Future prospects remains bearish as the price may reach several new minimums. Basing on the strength of the downtrend, I’m planning to open my first sell order. Later I’m planning to increase my position as the instrument will continue falling inside the current five-wave structure. However, we shouldn’t forget about alternative scenarios.
RoboForex Analytical Department
Article By RoboForex.com
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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.
