Price has moved overall higher to begin the new trading week, towards the new target provided in last analysis.
For the very short term, the hourly Elliott wave analysis expected a pullback for a small fourth wave. With price remaining above first wave price territory, all Elliott wave rules are met and the wave count has the right look. The pullback for Friday was almost exactly what the last analysis expected to see.
Upwards movement continues as expected. The Elliott wave target remains the same.
The second target at 2,634, calculated using the measured rule, has been met today.
The Elliott wave structure is analysed to see if it may be complete. If it is, then price may turn here. If it is not, then the next target will be used.
The first target was met and passed today. Price continues higher towards the second target, which is calculated from a flag pattern using the measured rule. If price keeps rising through that target, then the next Elliott wave target would be used.
Price has moved sideways in a slightly larger range to print another doji candlestick.
Two hourly Elliott wave counts are presented today.
Upwards movement continues as was expected from the main Elliott wave count. The targets remain the same.
An alternate wave count is considered, but classic technical analysis indicates it has a lower probability.
Price is behaving mostly as the new main Elliott wave count expects.
Targets remain the same. The AD line gives an important signal today, which will be given weight in the analysis.
An upwards breakout was expected after some more sideways movement. The upwards breakout has come a little more quickly than expected, but movement above 2,590.09 in the first hour of trading was a signal that the main hourly Elliott wave count was correct. Members then should have used the first target, which remains the same.
Price continues to move sideways in a very small range, which at this stage fits the alternate Elliott wave count better than the main Elliott wave count. Both wave counts remain valid.