Analysis for August 29th, 2014
DJIA Index
It looks like Index continues forming an ascending impulse wave (A). Possibly, bulls may reach a new high during Friday. However, they are quite unlikely to be strong enough to continue, and the price may start a new correction the next week.
Crude Oil
In case of Oil, the current correction is becoming deeper; probably, the price is about to finish the fourth wave. In the future, the market may test the channel’s upper border, and if the price rebounds from it, Oil will start a new descending movement inside the fifth wave. I’m staying out of the market right now and planning to start selling after the price forming first initial bearish impulses.
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