A short term pullback was expected to begin on Friday. A downwards day completed with a lower low and a lower high, exactly as expected.
A little more upwards movement today reached just above the target.
Yesterday’s summary stated: “Expect a green daily candlestick and upwards movement to a short term target at 2,474 – 2,475 tomorrow.”
The high today is 2,473.83, just 0.17 short of the 1 point target zone.
A green daily candlestick was expected, but price has moved lower and that was not expected.
A very small inside day leaves the Elliott wave counts mostly unchanged.
Last analysis expected an upwards breakout with reasonable confidence. This is exactly what has happened for Friday.
Upwards movement has unfolded as expected.
A green daily candlestick has unfolded for Wednesday’s session exactly as was expected in yesterday’s summary. With some price confidence, now the alternate and main Elliott wave counts are swapped over.
Price remains within confidence points for the main and alternate hourly Elliott wave counts. The breakout should come soon and simple volume analysis may be used to judge which direction is most likely.
This is another video of the process of developing an alternate Elliott wave count, using the MotiveWave analysis platform, that shows the steps I go through and my train of thought.
Original post published here.