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.
A small inside day leaves the analysis mostly the same. The strong floor of support about 2,377 continues to hold.
Upwards movement was expected for Tuesday’s session. The session completed a green daily candlestick, but it was an inside day with no new high.
Although today’s daily candlestick closed green, it made a lower high and a lower low (which is the definition of downwards movement). This was expected for the Elliott wave count.
The short term resistance line on the hourly chart neatly showed where upwards movement for the session ended.
Upwards movement was expected again. A green daily candlestick was printed, but it is technically an inside day with no new high.
The two daily Elliott wave counts today are judged to have about an even probability.
Assume the trend is the same, until proven otherwise.
Upwards movement unfolded as expected for the session.
Price moved lower as expected but ended the session higher to complete a green candlestick.
Price remained below the invalidation point on the hourly chart for the session.
Price moved lower to sit on the support line. How price behaves tomorrow now that the line is met will indicate which hourly Elliott wave count is more likely.
Price moved higher to 2,009, above the target which was 2,002 or 2,004.