Wave Analysis 15.01.2014 (DJIA Index, Crude Oil)


Analysis for January 15th, 2014

DJIA Index

Probably, Index completed correction inside wave [2] and is about to start new ascending movement. On minor wave level, price is forming initial impulse inside wave (1). I’ve got only one buy order so far, but in the future I may open several more.

As we can see at the H1 chart, wave [2] took the form of double zigzag pattern. During the day, Index may form local correction, but later it is expected to start new ascending movement inside the third wave.

Crude Oil

Oil is still being corrected; probably, price is completing wave (2). During the day, instrument may reach new local minimum and then start forming the third bearish wave.

More detailed wave structure is shown on H1 chart. Oil is forming double three pattern inside wave (2) with wave Y inside it. I’ve got one short-term buy order; stop is already in the black.

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