Wave Analysis 07.03.2014 (DJIA Index, Crude Oil)

07.03.2014

Analysis for March 7th, 2014

DJIA Index

Index continues moving upwards. Probably, right now price is forming an extension inside the third wave. Current chart structure implies that instrument may continue its ascending movement, but I’ve decided to move stop on my buy order into the black, just in case.



More detailed wave structure is shown on H1 chart. After completing zigzag pattern inside wave (2), Index formed strong initial impulse. Possibly, instrument may move upwards inside wave 3 very fast.




Crude Oil

Yesterday Oil completed descending impulse inside wave [1] and started new correction. Most likely, price will form the second wave during Friday, but in the beginning of the next week instrument is expected to start falling down inside the third one.



As we can see at the H1 chart, after completing descending impulse, price made strong ascending movement inside wave (A). After local correction, instrument is expected to grow up inside wave (C) of [2]. I’m planning to enter the market with limit order.



 
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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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