Downwards movement was expected for the short term. Although price did not make a new low, the candlestick for Friday closed red and the upper wick was long. Overall, this fits expectations.
A new all time high was expected for the main preferred Elliott wave count.
Members were advised that a pullback looked to be complete as early as the 11th of September, just two days from the last low.
Upwards movement continues exactly as the Elliott wave count expects.
On Balance Volume gives a new signal today to support the Elliott wave analysis.
An upwards day fits expectations for the main short term Elliott wave count.
Sideways movement for Monday’s session remains within the Elliott wave channel on the hourly chart.
Four signals in a row from the AD line prompt a new hourly Elliott wave count.
A new low below 2,742.24 at the start of the session indicated an alternate Elliott wave count was correct, which expected a deeper pullback to about 2,721. Price moved lower to reach down to 2,698.67.
Upwards movement was expected to begin the new week. Monday’s candlestick has closed green, but the strong gap downwards saw a lower low and a lower high, the definition of downwards movement.
Today the AD line gives another signal.
A new signal today from the AD line requires a new Elliott wave count for the short term expectation. The new Elliott wave count has a new short term target.
Upwards movement was expected again for Friday. The session began with a gap higher, but thereafter moved lower to close red. Price remains above the invalidation point.