A small diamond pattern may be forming. This supports the Elliott wave count.
A small doji at the weekly chart level now puts the trend from up to neutral, at least for the short term.
A little more upwards movement fits both hourly Elliott wave counts.
A short term pullback was expected to begin on Friday. A downwards day completed with a lower low and a lower high, exactly as expected.
Yesterday’s summary stated: “Expect a green daily candlestick and upwards movement to a short term target at 2,474 – 2,475 tomorrow.”
The high today is 2,473.83, just 0.17 short of the 1 point target zone.
A pullback was expected and support is holding. Price remains above the invalidation point.
Upwards movement to a target at 2,448 to 2,450 was expected. Price moved higher to reach 2,446.20 before turning strongly downwards on Friday. Price fell just 1.8 points short of the 2 point target zone.
An outside day moved price lower to start the session.
The main wave count expected more upwards movement, which is what has happened. Targets remain the same.
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.