Analysis for September 30th, 2014
DJIA Index
It looks like the DJIA Index has finished a bearish wedge pattern inside wave [1]. Earlier the price formed diagonal triangle pattern inside wave 5 of (3), which was a signal for a new correction. After wave [2], I’m planning to open an additional sell order in case the market continues falling inside the third wave.
Crude Oil
Probably, Oil has completed diagonal triangle pattern inside wave [5]. This wave may be a part of impulse of wave C inside a larger zigzag. In the near term, the market may continue growing inside wave [1], that’s why I’ve opened a buy order during a local correction.
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