Wave Analysis 13.03.2014 (DJIA Index, Crude Oil)


Analysis for March 13th, 2014

DJIA Index

Index is starting new ascending movement and I’ve decided to move stop on my buy order into the black. Probably, right now price is forming extension inside wave (3). In the nearest future, instrument is expected to break local maximum.

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 wave 2 has been already completed as well and right now market is forming initial impulses inside the third one.

Crude Oil

Oil is still falling down inside the third wave. Earlier price formed zigzag pattern inside wave (Y). Most likely, in the nearest future, instrument will complete wave [3] and start new local correction.

As we can see at the H1 chart, Oil completed the fourth wave inside wave [3]. It looks like instrument may reach new minimum during Thursday while forming the fifth 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.