Article By RoboForex.com
DJIA Index
All bears’ achievements of the last several weeks were completely smashed by buyers. Market collapse inside wave [2] really looked like an impulse for a new descending movement, but this was not to be. Although the current ascending movement is staying within zigzag pattern so far, but its strong wave C is much alike an extension inside the third one, that’s why it’s better even not to think about selling right now and concentrate of a future correction, i.e. the fourth wave.
In case of Oil, its descending movement is looking more and more like an avalanche. After a short pause inside horizontal triangle of wave 4, bears are back to their old ways and reach new lows almost every day. A short-term pullback allowed me to open a new short position; the stop loss on a new order is already with a small profit.
RoboForex Analytical Department
Article By RoboForex.com
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