Analysis for April 22nd, 2014
DJIA Index
Probably, Index completed double three pattern inside wave [2]. On minor wave level, price finished the first ascending wave. After completing local correction, instrument is expected to start growing up inside the third wave.
As we can see at the H1 chart, price finished wave (1). Possibly, in the nearest future local correction may continue. Later, price is expected to start moving upwards inside the third wave.
Crude Oil
In case of Oil, current correction may yet continue. Probably, in the nearest future price may reach new local maximum. In general, forecast remains the same: market is expected to start falling down inside the third wave.
More detailed wave structure is shown on H1 chart. It looks like price is forming double zigzag pattern inside wave 2. On minor wave level, Oil formed triangle pattern inside wave (B). During correction, I opened short-term buy order.
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