Upwards movement continues as expected.
On Balance Volume this week gives important signals on the daily and weekly charts.
A pullback was expected to begin the new trading week. A lower low and a lower high fits this expectation exactly.
Last analysis expected a pullback or consolidation to begin the new trading week. A red daily candlestick fits this expectation perfectly.
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 new alternate Elliott wave count for the short term picture expected another low to find support about 2,747. The low for the session was at 2,743, sitting almost perfectly on a trend line that was expected to provide final support.
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.
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.
An upwards day was expected for the new trading week and price has behaved exactly as expected.