Downwards movement is again unfolding as the Elliott wave count and classic technical analysis expected.
Another very small range day moved price essentially sideways fitting the Elliott wave count for the short term.
Two hourly Elliott wave counts are provided to end the year, with the one daily Elliott wave count remaining the same.
Price remains above the invalidation point on the hourly Elliott wave count.
The small downwards movement for today still fits with overall expectations.
Upwards movement to a short term target at 2,139.50 was expected.
Upwards movement did unfold, but reached 7.37 points above the target.
Last Elliott wave analysis expected Wednesday’s session to begin with a little downwards movement to end close to 2,140. Thereafter, it was expected that price would turn upwards.
The low for the session was 2,131.59. The session closed green although it made a lower low and lower high, so overall price moved downwards.
Upwards movement was expected from the main Elliott wave count for Thursday’s session.
This did not happen. Price moved lower and sideways to complete a small red doji.
Upwards movement, which was expected for Wednesday’s session, produced a small green daily candlestick.
Last analysis expected upwards movement for Friday but this did not happen.
Price has been moving sideways now for five days.
Last Elliott wave analysis concluded that upwards movement was most likely. This is what happened for Friday. Upwards movement was confirmed early in the session with a new high above 2,178.29.
Upwards movement was expected.
Classic technical analysis changes the Elliott wave count at the hourly chart level.