Wave Analysis 24.03.2014 (DJIA Index, Crude Oil)


Analysis for March 24th, 2014

DJIA Index

Index is still being corrected. It looks like wave [2] is taking the form of zigzag pattern. On minor wave level, market is expected to complete wave (B) and then continue falling down and form bearish impulse inside wave (C) of [2].

More detailed wave structure is shown on H1 chart. Probably, Index finished ascending zigzag pattern inside wave (B). On minor wave level, market formed initial impulse inside wave 1. After completing short second wave, instrument tis expected to start new descending movement inside the third one.

Crude Oil

Oil started forming the third bearish wave. Earlier price completed impulse inside wave 1 and then started correction. I’ve got only one sell order so far, but I’m planning to add several more in the future.

As we can see at the H1 chart, wave 2 took the form of zigzag pattern. On minor wave level, market formed impulse inside wave [C] and started forming descending impulse [1]. Possibly, instrument may reach new minimum during the day.

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