Gold Elliott wave analysis
August 7, 2013
S&P Elliott wave analysis
August 8, 2013

DOW is very possible that has finished the upward move that started at 14551. The entire upward move is a clear move up and is most probably complete. The correction that started yesterday I think is not just a small one day pull back. I think the decline will last at least a couple of weeks and will target at least the 38% and 50% Fibonacci retracements.


I don’t think there is more room for an upward move above 15700 for the current period. A pull back is needed for bulls to re-energize and let sellers test support levels. We are bearish and we expect prices  to move lower towards 15200-15100 at least. In case there is a bigger degree correction at force, we should see support at 14980 fail.


As always, thank you for taking the time to read my new post.


Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.