Wave Analysis 18.03.2014 (DJIA Index, Crude Oil)
18.03.2014
Analysis for March 18th, 2014
DJIA Index
Index is still being corrected. Probably, wave [2] is taking the form of zigzag pattern. In the near term, price is expected to finish wave (B) and form another bearish impulse.
As we can see at the H1 chart, Index finished descending impulse inside wave (A). Yesterday bulls completed ascending wave A. In the future, instrument is expected to finish local correction and start moving upwards inside wave C.
Crude Oil
Oil continues falling down inside wave 1. On minor wave level, market is forming the fifth wave, which may be completed during the day. Later instrument is expected to start forming new correction inside wave 2.
More detailed wave structure is shown on H1 chart. On Monday, Oil broke minimum of the third wave. Probably, after finishing local correction, market may continue falling down inside wave [5] of 1.
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