Wave Analysis 24.02.2014 (DJIA Index, Crude Oil)

24.02.2014

Analysis for February 24th, 2014

DJIA Index

After completing bullish impulse inside wave [1], Index continued its correction. In the near term, price is expected to break local minimum and then start strong ascending movement inside the third wave.



More detailed wave structure is shown on H1 chart. Possibly, right now instrument is forming descending zigzag pattern inside wave [2]. Earlier, Index formed quite short wave (5) of [1]. Price may continue falling down inside wave (C) during the day.




Crude Oil

Oil is still controlled by bulls. Probably, right now price is forming ascending impulse inside wave C. Instrument is expected to reach new maximums during the week.



As we can see at the H1 chart, market finished the fourth wave inside wave C. On minor wave level, instrument completed initial ascending impulse. I’m keeping my buy order with target at the end of wave [5] of C.



 
RoboForex Analytical Department

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

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