Wave Analysis 08.04.2014 (DJIA Index, Crude Oil)

08.04.2014

Analysis for April 8th, 2014

DJIA Index

Despite fast descending movement made yesterday, Index still may start growing up again. Possibly, price is about to finish the second wave and may start new ascending movement inside the third one. I’ll increase my long positions as soon as market forms initial ascending impulses.



More detailed wave structure is shown on H1 chart. Probably, wave (2) is taking the form of zigzag pattern. On minor wave level, market is completing impulse inside wave C. Critical level here is minimum of (1).




Crude Oil

It looks like bulls are going to reach new local maximum. Considering that price is still being corrected inside wave 2, I decided to close my sell order and open a buy one. Stop on my short-term sell order is placed at latest minimum.



As we can see at the H1 chart, wave 2 is taking the form of zigzag pattern. On minor wave level, price is finishing wave (B) inside wave [Y]. In the nearest future, instrument is expected to form ascending impulse inside wave (C).



 
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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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