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.
Price moved higher as the main Elliott wave count expected.
A small inside day for Friday changes the very short term picture only slightly.
A little upwards movement was expected for Monday. Price fell 2.04 points short of the target on the main hourly Elliott wave chart before turning lower to print a red daily candlestick.
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.
A green daily candlestick was expected for Friday, which is exactly what happened.
A downwards session was expected for Thursday. This is exactly what happened.
The main Elliott wave count again expected upwards movement. Monday has made a higher high and a higher low above Friday, the definition of upwards movement. This was expected.