Article By RoboForex.com
Analysis for April 7th, 2014
DJIA Index
It looks like Index is about to finish wave (2) and may start new and fast ascending movement inside the third wave. Earlier price completed double three pattern inside wave [2] and bullish impulse inside wave (1). I’ve got only one buy order with stop placed at local minimum.
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, market is completing impulse inside wave C. Possibly, instrument may start forming initial wave 1.
Crude Oil
Forecast is still bearish; price completed bearish impulse inside wave 1. Probably, wave 2 has been already completed as well. In the nearest future, Oil may start falling down again inside the third wave.
As we can see at the H1 chart, last week Oil finished bearish impulse wave [1] and then formed zigzag pattern inside wave [2]. In the near term, instrument is expected to fall down inside wave (1). In the future, I’m planning to increase my short position during correction.
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.
