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.
Downwards movement was expected, but the target at 2,749 was inadequate. The degree of labelling of this movement is moved up one degree today, and an alternate will consider it at up two degrees.
An inside day fits the main hourly Elliott wave count best. The target is slightly adjusted.
A very small range inside day changes the very short term picture only slightly. The Elliott wave targets remain the same and can today be supplemented by a classic analysis target using a reliable short term pattern.
Last end of week analysis warned that On Balance Volume supported the alternate Elliott wave count and a target for more upwards movement was given. Price has moved higher as that wave count expected and the On Balance Volume signal is now clear and strong.