A new low indicated further downwards movement. The target at 2,612 was not met.
A small range inside day does not offer clarity as to which Elliott wave count is correct. Candlesticks and the short term volume profile are analysed to determine the most likely direction for tomorrow.
A little more downwards movement to begin the new trading week remains above identified support. The Elliott wave count remains the same.
Price moved lower for Friday exactly as the main short term Elliott wave count expected.
The week closes with a Shooting Star candlestick pattern.
The week has begun with a green daily candlestick, but it has a slightly lower low and a lower high than Friday’s session.
Price remains above the short term invalidation point and within the small channel on the hourly chart.
Yesterday’s analysis warned that a short term pullback may occur to about 2,764. The market did gap open lower, but only to 2,789.24. Thereafter, upwards movement has resumed as the bigger picture expected.
An outside day leaves both hourly wave counts valid.
A new daily wave count is added today to the analysis.