Analysis for August 28th, 2014
DJIA Index
It looks like Index is about to complete an ascending impulse inside wave (A). The price may yet reach a new high, but a new correction may start quite soon. Right now, it’s early to say how deep this correction will be, but after it the market may start forming another ascending wave.
Crude Oil
Oil is still consolidating inside the main downtrend. It looks like right now the price is extending bearish wave [3] of 3. Possibly, the market may reach a new low until the end of this trading week.
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Editors’ Picks
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Gold closes below key $2,318 support, US GDP holds the key
Gold price is breathing a sigh of relief early Thursday after testing offers near $2,315 once again. Broad risk-aversion seems to be helping Gold find a floor, as traders refrain from placing any fresh directional bets on the bright metal ahead of the preliminary reading of the US first-quarter GDP due later on Thursday.
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Meta takes a guidance slide amidst the battle between yields and earnings
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