Last analysis warned that some small range downwards days or doji may show up at this stage. A small red candlestick for Wednesday’s session fits this description.
A green daily candlestick was expected for Friday’s session. Although the candlestick printed green, the session saw a lower low that was not expected.
Overall, the Elliott wave count remains the same with price remaining well above the invalidation point. The AD line and On Balance Volume continue to support the Elliott wave analysis.
More upwards movement unfolded as last analysis expected.
Today a candlestick pattern is balanced against analysis of On Balance Volume and the AD line to decide which short term Elliott wave count is most likely for tomorrow.
A small inside day fits the Elliott wave count.
At the end of the week, VIX and the AD line and On Balance Volume are all giving signals which are in agreement.
A lower low and a lower high fits the definition of downwards movement, which is what was expected for the session.
Another signal from the AD line to end the trading week gives strong confidence in the Elliott wave analysis.
In light of recent signals from the AD line and On Balance Volume, it is time to step back and look again at monthly charts for the Elliott wave count, and some key indicators.
Both VIX and the AD line today give the same signal, suggesting the direction for tomorrow.
A strong signal from On Balance Volume adds confidence to the Elliott wave count.
Yesterday’s main hourly Elliott wave count expected a small correction to continue sideways or lower. A little downwards movement to complete a doji candlestick for the session fits this expectation.
Upwards movement was expected. An inside day is not conclusive either way with no new high nor low.