Article By RoboForex.com
Analysis for March 4th, 2014
DJIA Index
It looks like Index is still being corrected; wave [2] is taking the form of flat pattern inside wave [2]. In the near term, price may continue falling down inside wave (C) and break minimum of wave (A).
More detailed wave structure is shown on H1 chart. It looks like Index is forming diagonal triangle pattern inside wave (C). On minor wave level, price completed the second wave and is expected to start the third one, which may take the form of zigzag pattern.
Crude Oil
Oil continues moving inside ascending trend. Yesterday, market reached my Take Profit, and I’m keeping my buy order. Instrument is expected to continue forming ascending impulse inside wave C in the nearest future.
As we can see at the H1 chart, Oil is completing the fourth wave. Earlier, price extended the third wave: it formed diagonal triangle pattern inside its fifth wave. Instrument is expected to start new ascending movement inside wave (5) of [5] during the day.
RoboForex Analytical Department
Article By RoboForex.com
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
