The first hour of the session saw a break below the channel on the hourly Elliott wave charts. At that stage, downwards movement was expected, and an increase in downwards momentum was also expected. So far price is fulfilling those expectations.
A new low below 2,462.17 in the first hour of the session added confidence to the Elliott wave count which expected a deeper pullback was in the early stages. The target for it to end and the expectation for how long it may last will remain the same for now.
Sideways movement completes an outside day and fits both Elliott wave counts. This market is again range bound.
A little more upwards movement today reached just above the target.
A green daily candlestick was expected, but price has moved lower and that was not expected.
Last analysis expected an upwards breakout with reasonable confidence. This is exactly what has happened for Friday.
A green daily candlestick has unfolded for Wednesday’s session exactly as was expected in yesterday’s summary. With some price confidence, now the alternate and main Elliott wave counts are swapped over.
A new low below 2,422.88 has invalidated the main Elliott wave count and confirmed the alternate. Yesterday’s bearish divergence between price and the AD line and VIX did warn of a possible breakdown.
A small range inside week completes, which is exactly what was expected at the beginning of the week. Price is consolidating.
Price remains range bound, which was expected.
Wednesday completed an outside day that closed red.