Wave Analysis 23.05.2014 (DJIA Index, Crude Oil)


Analysis for May 23rd, 2014

DJIA Index

Index is starting new ascending movement, just as we expected. It looks like after completing wedge pattern inside wave (1), price formed flat pattern inside the second one. During local correction, I opened another buy order and but if later price continues forming extension inside wave (3), I’ll increase my position.

As we can see at the H1 chart, after finishing initial impulse inside wave 1, market started new correction. Probably, Index has already completed wave 2. Later instrument is expected to continue moving upwards inside the third wave.

Crude Oil

It looks like Oil continues forming wave 2 in the form of zigzag pattern. On minor wave level, price is moving upwards inside wave [C]. Possibly, in the nearest future, instrument may break maximum.

More detailed wave structure is shown on H1 chart. Probably, price is finishing the fourth wave inside wave (3). I opened another order at predicted end of the fourth wave. Instrument may start growing up inside wave 5 of (3) during the day.

RoboForex Analytical Department


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.