Analysis for April 23rd, 2014
DJIA Index
Index is starting new ascending movement. Probably, earlier price completed double three pattern inside wave [2] and right now is forming bullish impulse inside the third wave. On minor wave level, after finishing the second wave, price started forming wave (3) and may break maximum quite soon.
More detailed wave structure is shown on H1 chart. It looks like price finished the first wave inside wave (3). After completing local correction, during which I opened another buy order, price is expected to start moving upwards inside wave 3 of (3).
Crude Oil
Probably, Oil is starting new descending movement inside the third wave. Earlier price formed bearish impulse inside wave 1 and then completed correction inside wave 2 as well. In the near term, market is expected to continue falling down.
As we can see at the H1 chart, price is forming extension inside wave (3). During the day Oil may form local correction, at the end of which I’m planning to start selling.
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