Wave Analysis 28.04.2014 (DJIA Index, Crude Oil)


Analysis for April 28th, 2014

DJIA Index

After completing double three pattern inside wave [2], price formed initial bullish impulse inside the first wave. Probably, Index finished correction and started forming the third wave. Possibly, instrument may reach new historic maximum during this week.

More detailed wave structure is shown on H1 chart. Probably, wave (2) took the form of zigzag pattern. On minor wave level, price is forming ascending impulse. Instrument may continue growing up and forming the first wave during the day.

Crude Oil

Oil is falling down inside the third wave. Probably, earlier price formed bearish impulse inside wave 1 and then completed correction inside the second one. During the next several weeks, market may break minimum of the first wave.

As we can see at the H1 chart, instrument finished extension inside the third wave of wave [1] and started correction inside the fourth one. It looks like in the nearest future instrument is expected to form flat pattern. After that, bears may continue pushing price downwards inside wave (5) of [1].

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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.