Sideways movement completes an outside day and fits both Elliott wave counts. This market is again range bound.
Upwards movement was expected for Wednesday’s session, and that is what has happened.
The main Elliott wave count remains the same and the alternate Elliott wave count remains possible.
Downwards movement to below 2,168.98 but not below 2,159.75 was expected as most likely by the main Elliott wave count for Monday.
Price moved lower to reach 2,161.94.
Downwards movement was expected for Wednesday’s session, but this is not what happened.
Price remains below the invalidation point on the hourly Elliott wave chart.
A bounce was again expected for Tuesday but did not happen.
More upwards movement was expected to a target at 2,099 or resistance at the bear market trend line.
Price has stopped for the session right at the trend line.
Downwards movement was expected as most likely, but an end to the bounce was unconfirmed.
Price moved slightly higher before turning down to complete a small red candlestick.
Downwards / sideways movement was expected for Tuesday’s session to complete a red candlestick or doji.
A red candlestick for Tuesday completed which fits the Elliott wave counts perfectly.
More upwards movement to 1,963 was expected for Friday.
It was stated in yesterday’s Elliott wave analysis that if the target was wrong, it may be too high. Price did move higher to reach 1,951.21.
Downwards movement was expected for Wednesday. A red candlestick with a small real body moved price sideways.