Wave Analysis 02.04.2014 (DJIA Index, Crude Oil)

02.04.2014

Analysis for April 2nd, 2014

DJIA Index

Index is moving towards new maximums. Probably, after completing double three pattern inside wave [2], price started forming bullish impulse inside wave (1). Instrument may yet continue growing up for a while, but later market is expected to start new correction.



More detailed wave structure is shown on H1 chart. It looks like price is finishing the fifth wave inside wave (1). In the future, after wave (2), I’m planning to increase my long position with target in the end of the third wave.




Crude Oil

Oil started forming wave 3. Earlier price completed the second wave, during which I opened my first sell order. During local correction, I opened the second order and later plan to add several more.



As we can see at the H1 chart, wave 2 took the form of zigzag pattern with triangle pattern inside wave [B]. On minor wave level, price is completing the fourth wave inside wave [1]. Probably, during the day instrument may break local minimum.



 
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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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