A little more downwards movement to begin the new trading week remains above identified support. The Elliott wave count remains the same.
Price moved lower for Friday exactly as the main short term Elliott wave count expected.
The week closes with a Shooting Star candlestick pattern.
The week has begun with a green daily candlestick, but it has a slightly lower low and a lower high than Friday’s session.
Price remains above the short term invalidation point and within the small channel on the hourly chart.
Yesterday’s analysis warned that a short term pullback may occur to about 2,764. The market did gap open lower, but only to 2,789.24. Thereafter, upwards movement has resumed as the bigger picture expected.
An outside day leaves both hourly wave counts valid.
A new daily wave count is added today to the analysis.
For the short term, a pullback was expected to end about either 2,700 or 2,690. Downwards movement for the session reached below the second target to 2,681.90.
The main wave count expected upwards movement, which is exactly how the short trading week has ended. The target remains the same.
Price moved lower with a lower low and lower high, as expected. But with a green daily candlestick and signals today from the AD line and inverted VIX, the short term outlook is adjusted for tomorrow.
Analysis since the low on the 9th of February has been bullish. Price continues to rise as expected.