Wave Analysis 05.05.2014 (DJIA Index, Crude Oil)

05.05.2014

Analysis for May 5th, 2014

DJIA Index

Probably, Index is forming extension inside wave (3). Earlier, after completing double three pattern inside wave [2], Index formed bullish impulse inside wave (1). During the week, market is expected to reach new historic maximum.



More detailed wave structure is shown on H1 chart. Index finished ascending impulse inside wave 1 and then formed zigzag pattern inside wave (2). In the future, instrument is expected to complete flat pattern inside wave 2 and then start moving upwards inside the third wave.




Crude Oil

Oil continues falling down inside the third wave. Probably, earlier price formed bearish impulse inside wave 1. Most likely, in the nearest future instrument may start falling down again and break previous minimum.



As we can see at the H1 chart, Oil formed two first waves. During the day, price is expected to complete wave (2) and start new descending movement inside the third one. I’m planning to increase my short position as soon as instrument start forming initial descending impulse.



 
RoboForex Analytical Department

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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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