Wave Analysis 06.05.2014 (DJIA Index, Crude Oil)
06.05.2014
Analysis for May 6th, 2014
DJIA Index
It looks like price is starting new ascending movement. Probably, right now Index is forming extension inside wave (3). Earlier, after completing double three pattern inside wave [2], Index formed initial bullish impulse inside wave (1). In the near term, market is expected to reach new historic maximum.
As we can see at the H1 chart, after finishing zigzag pattern inside wave (2), Index completed wedge pattern inside the first wave. Most likely, in the nearest future market may continue moving upwards inside the third wave.
Crude Oil
Oil continues falling down. Probably, earlier price formed bearish impulse inside wave 1. Most likely, in the nearest future instrument may start falling down again inside the third wave and break previous minimum.
More detailed wave structure is shown on H1 chart. Probably, yesterday price completed wave (2) and then formed initial descending impulse inside the third one. During Tuesday, instrument is expected to complete local correction and break yesterday’s minimum.
RoboForex Analytical Department
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