Analysis for April 18th, 2014
DJIA Index
It looks like Index completed double three pattern inside wave [2]. On minor wave level, price is finishing initial ascending impulse. After completing local correction, instrument is expected to start growing up inside the third wave.
As we can see at the H1 chart, Price is finishing the fifth wave inside wave (1). Earlier, at the end of wave 4, I opened another buy order. In the near term, price may start correction, which may take the form of zigzag pattern.
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 increase my short position.
More detailed wave structure is shown on H1 chart. After completing zigzag pattern inside wave [Y], Oil formed initial bearish impulse inside wave (1). Possibly, in the beginning of the next week price may break local minimum while forming the third wave. After that, I’ll move stop into the black.
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