Wave Analysis 17.03.2014 (DJIA Index, Crude Oil)
17.03.2014
Analysis for March 17th, 2014
DJIA Index
Index is still being corrected. Probably, right now price is forming zigzag pattern inside the second wave. On minor wave level, instrument completed bearish impulse inside wave (A). In the nearest future, we can expect short-term pullback.
More detailed wave structure is shown on H1 chart. Last Friday, Index finished the fifth wave inside wave (A). During the day, instrument is expected to move upwards inside wave (B), which may take the form of zigzag pattern.
Crude Oil
Oil is still forming descending impulse inside wave 1. Possibly, market completed the fourth wave on minor wave level. Later instrument may continue falling down while forming wave [5] of 1.
As we can see at the H1 chart, after completing extension inside the third wave, Oil formed the fourth one. Right now, market is forming initial impulses inside the fifth wave and may reach new minimum in the nearest future.
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