Wave Analysis 29.04.2014 (DJIA Index, Crude Oil)


Analysis for April 29th, 2014

DJIA Index

Probably, yesterday Index finished wave (2). Earlier, after completing double three pattern inside wave [2], price formed initial bullish impulse. Most likely, during this week instrument index will reach new maximum while forming the third wave.

As we can see at the H1 chart, Probably, wave (2) took the form of zigzag pattern. On minor wave level, price formed ascending impulse inside the first wave. After completing local correction, instrument may start growing up inside wave 3 of (3).

Crude Oil

It looks like Oil is still falling down inside the third wave. In the near term, price may start correction, but it will have no influence on our main targets. During the next several weeks, market may break minimum of wave 1.

More detailed wave structure is shown on H1 chart. Probably, instrument finished bearish impulse inside wave [1]. After completing correction, instrument is expected to continue falling down and reach new minimums.

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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.