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.

DOWDAILY

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.

dow60m

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

impulse-wave-rules

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.