Wave Analysis 03.03.2014 (DJIA Index, Crude Oil)
03.03.2014
Analysis for March 3rd, 2014
DJIA Index
It looks like Index is still being corrected. Possibly, price is forming flat pattern inside wave [2] and in the nearest future may fall down inside wave (C). That’s why, during this correction I opened sell order with stop placed near maximum.
More detailed wave structure is shown on H1 chart. It looks like last Friday Index finished double zigzag pattern inside wave (B). On minor wave level, price formed bearish impulse inside wave 1. After local correction, instrument is expected to fall down inside the third wave.
Crude Oil
Right after market opening, Oil reached new maximum. Take Profit on my buy order worked and I opened another one during correction. In the future, instrument is expected to continue forming impulse inside wave C.
As we can see at the H1 chart, Oil is extending wave (3). On minor wave level, price is moving upwards inside the fifth wave and may soon reach new maximum. Later instrument is expected to start new correction inside wave (4).
RoboForex Analytical Department
Attention!
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.