Wave Analysis 14.01.2014 (DJIA Index, Crude Oil)


Analysis for January 14th, 2014

DJIA Index

Correction turned out to be deeper than we expected; it looks like price is finishing wave [2]. Possibly, in the nearest future bulls will return to the market and start forming the first ascending wave.

More detailed wave structure is shown on H1 chart. It looks like wave [2] is taking the form of double zigzag pattern. During Tuesday, Index may reach several new minimums, but later it is expected to start new ascending movement.

Crude Oil

Oil is still being corrected. Earlier, after completing zigzag pattern inside wave [B], price formed bearish impulse inside wave (1). During local descending movement, I opened short-term buy order with target placed close to local maximum.

As we can see at the H1 chart, Oil is forming double zigzag pattern inside wave (2). Probably, price completed short ascending impulse inside wave Y of (2) and may continue growing up during the day.

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