Wave Analysis 03.04.2014 (DJIA Index, Crude Oil)

03.04.2014

Analysis for April 3rd, 2014

DJIA Index

Index is about to finish bullish impulse inside wave (1). Earlier price completed double three pattern inside wave [2]. In the future, after finishing local correction, market is expected to start new ascending movement inside the third wave.



More detailed wave structure is shown on H1 chart. It looks like price is finishing the fifth wave inside wave (1). Most likely, market will start new correction during the day. I’m planning to increase my long position as soon as price start new ascending movement.




Crude Oil

Oil started falling down inside the third wave. Earlier price completed wave 2, during which I opened my first sell order. During local correction, I increased my short position. Most likely, instrument will break minimum of wave 1 during the next several days.



As we can see at the H1 chart, wave 2 took the form of zigzag pattern. Later price formed bearish impulse wave [1]. Probably, during the day instrument may complete current correction and start falling down inside wave (1).



 
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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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