Wave Analysis 11.03.2014 (DJIA Index, Crude Oil)

Analysis for March 11^th, 2014

DJIA Index

Index is still being corrected. Most likely, in the future price may continue forming extension inside wave (3). So far, I’ve got only one buy order with stop placed at maximum.



More detailed wave structure is shown on H1 chart. It looks like wave 2 was completed in the form of double three pattern. Later instrument is expected to start new ascending movement and break latest maximum.

Crude Oil

Oil is starting falling down inside the third wave. Earlier price completed bearish impulse inside wave [1] and then formed correction inside the second one. Possibly, price may reach new minimum during the day.



As we can see at the H1 chart, wave [2] took the form of zigzag pattern. On minor wave level, price formed initial impulse inside wave (1). After completing local correction, instrument is expected to move downwards inside the third wave.



 
RoboForex Analytical Department