Price remains above the invalidation point. Both Elliott wave counts remain valid.
Upwards movement is exactly what was expected for the main Elliott wave count.
Volume and ATR are used in this end of week analysis to analyse downwards movement for strength or weakness.
Both Elliott wave counts remain valid, and there is a clear price point which differentiates them.
A red daily candlestick fits expectations of overall downwards movement for the session.
An outside day remains below the last high.
Another upwards day fits expectations for the short term picture.
At the end of this week, strong signals from the AD line reinforce the long term Elliott wave count.
Yesterday’s analysis expected that a new low below 2,819.88 would see a pullback to end below 2,796.13. The low for the day was 2,802.49, just above 2,796.13.
A small upwards day remains below the short term Elliott wave invalidation point. Three short term Elliott wave counts are presented today.
Yesterday’s main Elliott wave count expected more upwards movement.
Also, yesterday’s analysis stated that I struggled to see a bearish alternate, despite bearish signals from the AD line. Today, a strong upwards day fits the Elliott wave count perfectly.