Article By RoboForex.com
Analysis for July 2nd, 2014
DJIA Index
It looks like Index completed the fourth wave and right now is starting new ascending movement inside the fifth one. Most likely, in the nearest future price will break its historic maximum. Later, after completing wave [3], price may start new and deeper correction.
As we can see at the H1 chart, wave (4) took the form of flat pattern. Later Index formed wedge pattern inside wave 1 and yesterday it finished the third wave as well. I’m planning to open another buy order at the end of wave 4.
Crude Oil
Probably, Oil is reversing downwards. Earlier price finished ascending impulse inside wave C of (Y). in the near term, instrument is expected to continue falling down inside wave 1 or A.
More detailed wave structure is shown on H1 chart. After finishing wedge pattern inside wave [1], price completed the second one as well. On minor wave level, instrument formed initial impulse inside the third wave and may reach new low during the day.
Free Reports:
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
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.
