A strong Bearish Engulfing candlestick pattern is a strong warning of a trend change.
A breach of the small channel indicated the alternate hourly Elliott wave count should be used. Thereafter, downwards movement was expected. The candlestick has closed red today.
Last analysis offered a warning in the summary that price may move higher, and may make a new all time high. This is what has happened today.
Price is moving sideways in a small range for the last two sessions. The short term direction expected by the Elliott wave count remains the same.
The main Elliott wave count expected upwards movement. This is what has happened to start the new week.
A new all time high was expected from last analysis.
The Elliott wave count remains the same and the weekly technical analysis still sounds a strong warning.
Downwards movement was expected to begin the new trading week. This is not what happened. Upwards movement invalidated the hourly Elliott wave count.
Price is still range bound, completing an inside day. The breakout is now expected to come tomorrow.
Upwards movement continues as the Elliott wave count expects overall at the daily chart level.
Price has moved higher for Tuesday as expected. A new high above 2,354.54 supports the main wave count over the alternate.