The first target for a short term interruption to the trend at 1,919 was met on Friday.
Again, there are three possibilities for downwards movement from the last major swing high of 3rd November.
Again, I have three daily charts looking at three possibilities.
A quick update of the preferred bear wave count at the hourly chart level only.
After today’s analysis was published, StockCharts data was finalised. Very importantly, volume for Wednesday’s upwards day increased.
A new low below 2,042.35 confirmed the scenario for the hourly bull Elliott wave count.
Sideways movement in a slightly wider range remains above the invalidation point on the hourly chart.
The Elliott wave count is changed slightly but the outlook is essentially the same.
Upwards movement was expected. Price did move a little higher but completed an overall sideways day in a very small range.
Downwards movement was expected. This is not what happened.
Price remains below both invalidation points on the hourly charts.
Downwards movement was again expected.
Price has moved lower, but only sightly, and it looks unconvincing.
Upwards movement to a target at 2,082 – 2,089 was expected.
Price moved higher to reach up to 2,090.35.