Analysis for September 16th, 2014
DJIA Index
In case of the DJIA Index, the current correction is taking more time than expected. It looks like the price has finished a bearish wedge inside wave A and started forming wave B. Possibly, it may take the form of zigzag, which means that later the market may start falling again inside impulse wave C of (B).
Crude Oil
Oil is also still being corrected. Probably, wedge pattern formed earlier is just the first wave inside wave [5]. Consequently, after completing the second wave, bears may yet return to the market and reach several new lows.
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