Wave Analysis 23.07.2014 (DJIA Index, Crude Oil)
23.07.2014
Analysis for July 23rd, 2014
DJIA Index
Probably, Index is making a reverse. Possibly, price formed initial impulse and, after local correction, is expected to start falling down again inside descending wave (A).
More detailed wave structure is shown on H1 chart. After completing diagonal triangle pattern inside wave (5), Index formed initial descending impulse. Possibly, local correction may finish during the day and price may start new and fast descending movement inside the third wave.
Crude Oil
After completing bearish impulse inside wave 1 or A, Oil started correction. In the near term, price is expected to continue forming wave 2 or B. Instrument may reach new local high quite soon.
As we can see at the H1 chart, Oil continues forming wave [B]. Probably, this wave may be completed during the day. Later instrument is expected to start moving upwards again inside wave [C].
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