Price moved to record new all time high.
Again, last analysis warned that upwards movement may not be over and outlined what to look for to see if it was. There was room for more upwards movement, which is what has happened. A strong warning may come from On Balance Volume in the next 24 hours.
A bullish signal yesterday has now been followed by another upwards day. Support from volume means a more bullish wave count is considered.
Upwards movement was expected for Tuesday’s session but the target at 2,448 was inadequate. Price moved 6.77 points above the target.
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.