Wave Analysis 10.03.2014 (DJIA Index, Crude Oil)

10.03.2014

Analysis for March 10th, 2014

DJIA Index

Index is still being corrected, but the main trend remains bullish. Possibly, during the day price may reach new maximum while forming wave (3). So far, I’ve got only one buy order with stop placed at minimum.



More detailed wave structure is shown on H1 chart. After completing zigzag pattern inside wave (2), Index formed initial impulse inside wave 1. After local correction, instrument may continue forming extension inside the third wave.




Crude Oil

Last week, Oil completed initial impulse inside wave [1]. Probably, price is about to complete the second wave and may start falling down inside the third one in the nearest future. I opened sell order with stop placed at maximum.



As we can see at the H1 chart, wave [2] took the form of zigzag pattern. On minor wave level, price is forming bearish impulse inside wave (1). Later instrument may start new correction, but it’s unlikely to be very long.



 
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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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