Members were advised after Thursday’s session to enter long positions with stops just below the last gap at 2,460.31. Positions should now be profitable and profits may be taken or stops moved up to breakeven.
The target for upwards movement was not met, but price did move higher towards it. The target is recalculated today.
The alternate hourly wave count was indicated as correct early in the session when price made a new high above 2,462.59.
Last Elliott wave analysis expected downwards movement for the short term. This is not what happened, but upwards movement remains below the invalidation point and within the base channel.
An upwards breakout may have come sooner than expected. The final target remains the same.
A bounce was expected for Thursday’s session and this is exactly what happened.
Price remains range bound. Another small doji completes an inside day.
The Elliott wave counts remain mostly the same with a small change for the main hourly chart.
A little downwards movement to below 2,340.51 but not below 2,336.45 was expected during Friday’s session.
Price did move lower, but it made a slight new low below 2,336.45, which was not expected.
A new low below 2,371.54 invalidated the hourly Elliott wave count and indicated a pullback has likely arrived.
A short term pullback was expected. Another small inside day completes a small red doji.