Analysis for July 31st, 2014
DJIA Index
Index still continues its descending correction. Current wave pattern implies that instrument may be falling for some time inside wave (A), therefore, I am still keeping sell orders.
More detailed wave structure is shown at H1 chart. Presumably, wave [3] is practically completed and price may start correction in a few hours. Consequently, I expect that price may resume descending movement inside wave [5] of 3.
Crude Oil
Oil is still being corrected. Probably, price may start new ascending movement inside wave 2 or B in a few hours. When price starts its ascending movement, I am planning to move stop loss on order into the back.
Probably, wave [B] formed zigzag with triangle inside wave (X). I have only one buy order with stop loss lower minimum. If price forms bullish impulse, I am planning to increase short position.
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