The short term outlook from last analysis expected a short spike up to just above 2,467.57 and then a downturn. This is not what happened. Price has moved sideways in a small range suggesting a small Elliott wave triangle.
A green daily candlestick was expected for Monday. Although price has made a lower low and a lower high, the candlestick did close green as the expected bounce came at the end of Monday’s session.
Price continues to move sideways supporting the alternate Elliott wave count. Both wave counts remain valid.
A small inside day fits within the Elliott wave count. The candlestick closed green and the balance of volume for the session was upwards. Overall, today may be read as neutral.
A little upwards movement was expected from the hourly Elliott wave count published in last analysis. This is exactly what happened for Friday’s session.
A target may now be calculated for the short term at two degrees.
Friday completed an inside day which fits the Elliott wave count well.
Sideways movement to complete a small green doji candlestick fits the Elliott wave count.
The daily Elliott wave count is new. It was published in comments over the Christmas / New Year holiday.
The hourly Elliott wave count expects the correction to continue and now has a target using a Fibonacci ratio.
Price remained within the small green channel, so upwards movement was expected to continue. The short term targets were woefully inadequate, but longer term targets remain the same.
Upwards movement was expected for Tuesday, which is exactly what has happened.