Wave Analysis 14.02.2014 (DJIA Index, Crude Oil)


Analysis for February 14th, 2014

DJIA Index

Possibly, at H4 chart price completed initial impulse inside wave [1] and right now is starting to form extension inside the third wave. Probably, instrument may reach new local maximum during the day.

As we can see at the H1 chart, wave (2) took the form of flat pattern. On minor wave level, bulls formed initial ascending impulse. Market may start growing up inside the third wave in the nearest future.

Crude Oil

Probably, Oil completed wave [B] in the form of double three pattern. On minor wave level, price is falling down inside the first wave. Forecast is still bearish.

More detailed wave structure is shown on H1 chart. Several days ago, price completed ascending impulse inside wave C and then formed bearish wave 1. After local correction, instrument is expected to move downwards inside the third wave.

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.