Wave Analysis: DJIA Index, Crude Oil

ANALYSIS | 04/17/2014 09:35:30 GMT

Analysis for April 17th, 2014

DJIA Index

Probably, Index completed double three pattern inside wave [2]. On minor wave level, price is forming initial bullish impulse. After completing local correction, instrument is expected to start growing up inside the third wave.

More detailed wave structure is shown on H1 chart. Price is starting the fourth wave inside wave (1). In the near term, price may finish correction and start the fifth wave. As soon as it happens, I’m planning to open another buy order.

Crude Oil

It looks like Oil finished wave 2. Earlier, price formed bearish impulse inside wave 1. I’ve got only one sell order so far, but as soon as market start falling down I’m planning to open several buy orders.

As we can see at the H1 chart, after completing zigzag pattern inside wave [Y], Oil formed initial bearish impulse inside wave (1). Possibly, during the day price may break local minimum while forming the third wave. After that, I’ll move stop into the black.

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