Wave Analysis 02.06.2014 (DJIA Index, Crude Oil)

02.06.2014

Analysis for June 2nd, 2014

DJIA Index

Index continues reaching new maximums. Probably, after completing flat pattern inside wave (2), price started extending the third one. I’ve got only one buy order so far, but in the future I’m planning to increase my position.



More detailed wave structure is shown on H1 chart. Probably, earlier price finished ascending impulse inside wave 1. Right now, market is growing up inside the third wave; it’s internal structure implies that instrument may continue moving upwards.




Crude Oil

Probably, after finishing zigzag pattern inside wave 2, Oil started falling down onside the third one. On minor wave level, price is forming initial impulse inside wave [1]. After completing local correction, instrument is expected to continue falling down.



As we can see at the H1 chart, price finished descending wedge pattern inside wave (1). It looks like right now Oil is forming wave (2) and may complete it by the end of the day. In the future, I’m planning to increase my short positions after instrument start forming initial impulse inside the third wave.



 
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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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