Bearish divergence continues today, which supports the expectation of a pullback.
Upwards movement was expected but price has moved sideways for Friday to complete an inside day.
The short term Elliott wave count is slightly adjusted at the hourly chart level today.
Price continues to rise as expected from the Elliott wave count and classic technical analysis.
The Elliott wave target coincides nicely with a classic analysis target calculated using the measured rule from a small flag pattern.
Upwards movement was expected for Tuesday’s session.
A higher high and a higher low fits the definition of upwards movement, but the candlestick has closed red.
A very small doji for an inside day sees the Elliott wave counts remain the same. The AD line as a measure of market breadth today gives another signal.
Price moved to record new all time high.
For the short term, downwards movement was expected for Thursday’s session. An inside day completes as a red daily candlestick, mostly meeting expectations but not as clear as hoped for.
On Balance Volume is very bullish. Members are given some trading advice on how to approach this market at this time.
A bullish signal yesterday has now been followed by another upwards day. Support from volume means a more bullish wave count is considered.
A green daily candlestick was expected for Monday. Although price has made a lower low and a lower high, the candlestick did close green as the expected bounce came at the end of Monday’s session.