Wave Analysis 14.05.2014 (DJIA Index, Crude Oil)

Analysis for May 14^th, 2014

DJIA Index

Index is still forming extension inside wave (3). On minor wave level, price is moving upwards inside wave 3 and may continue growing up. During correction, I opened buy order with stop placed at one of the critical levels.



As we can see at the H1 chart, price is forming the fourth wave inside wave 3. Most likely, correction will complete during the day. In the future, instrument is expected to start moving upwards inside wave [5] of 3.

Crude Oil

Oil is still being corrected. Yesterday, Take Profit on my short-term buy order worked. Later instrument is expected to start falling down inside the third wave. I’ll start selling as soon as price starts forming bearish impulses on minor wave level.



More detailed wave structure is shown on H1 chart. It looks like wave [2] is taking the form of zigzag pattern. On minor wave level, Oil is about to finish ascending impulse inside wave (C). Later in the future, instrument may start forming descending wave (1).



 
RoboForex Analytical Department