Wave Analysis 21.05.2014 (DJIA Index, Crude Oil)


Analysis for May 21st, 2014

DJIA Index

Probably, Index completed flat pattern inside wave (2). On minor wave levels, price is forming first initial impulses inside the third wave. Possibly, instrument may reach new maximums during the next several weeks.

As we can see at the H1 chart, yesterday Index finished descending impulse inside wave C of (2). On minor wave level, price is starting to form initial ascending impulse 1. Later, during local correction, I’m planning to start buying.

Crude Oil

It looks like Oil is forming zigzag pattern inside wave 2. On minor wave level, price is about to finish wave [C]. In the future, price is expected to reverse and start falling down inside initial wave [1].

More detailed wave structure is shown on H1 chart. Probably, price is forming extension pattern inside wave (3). On minor wave level, Oil finished the third wave. Later instrument is expected to complete the fourth wave and start growing up inside the fifth one.

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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.