Wave Analysis 06.03.2014 (DJIA Index, Crude Oil)


Analysis for March 6th, 2014

DJIA Index

Index is still being corrected. Earlier, price completed bullish wedge pattern inside the first wave. Probably, right now Index is extending wave (3). Instrument may start new ascending movement during Thursday.

More detailed wave structure is shown on H1 chart. After completing zigzag pattern inside wave (2), Index formed bullish impulse inside wave 1. It looks like instrument is about to finish the second wave and may reach new maximums while forming the third one.

Crude Oil

Oil started forming initial impulse inside wave [1], that’s why my yesterdays’ sell order was opened just in time. Most likely, after short pause, price will continue falling down.

As we can see at the H1 chart, wave [5] of C turned out to be quite short. On minor wave level, right now price is finishing the fourth wave inside impulse [1]. During correction, I opened another sell order. Instrument is expected to start moving downwards in the nearest future.

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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.