Wave Analysis 15.05.2014 (DJIA Index, Crude Oil)

15.05.2014

Analysis for May 15th, 2014

DJIA Index

It looks like Index is still extending wave (3) with the fourth wave inside it. In the near term, correction may continue, but later instrument is expected to start moving upwards inside wave 5 of (3).



As we can see at the H1 chart, wave [5] of 3 turned out to be quite short. Most likely, during the next several days price may continue moving inside flat pattern, that’s why right now I’m staying out of the market. Critical level here is maximum of wave 1.




Crude Oil

Probably, Oil finished wave [2]. Earlier price formed bearish impulse inside the first wave. Possibly, in the nearest future instrument may start falling down inside wave [3] of 3.



More detailed wave structure is shown on H1 chart. Probably, wave [2] took the form of zigzag pattern. On minor wave level, Oil finished initial descending impulse. During local correction, I opened sell order with stop placed at maximum.



 
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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