Yesterday’s analysis expected a little upwards movement to a short term target at 2,672, to then be followed by a pullback. Price began the session with a new high to 2,671.88 and from there turned downwards to complete a red daily candlestick.
A small doji after the Bearish Engulfing Candlestick pattern completes a Bearish Harami Cross.
A strong Bearish Engulfing candlestick pattern is a strong warning of a trend change.
Price continues higher as expected, well exceeding the last Elliott wave target and a classic analysis target using the measured rule.
Again, last analysis warned that upwards movement may not be over and outlined what to look for to see if it was. There was room for more upwards movement, which is what has happened. A strong warning may come from On Balance Volume in the next 24 hours.
Another small sideways day completes a Shooting Star candlestick pattern.
A small diamond pattern may be forming. This supports the Elliott wave count.
A small doji at the weekly chart level now puts the trend from up to neutral, at least for the short term.
Another small inside day now gives the current consolidation a more typical look. A pennant may be forming.
Yesterday’s summary stated: “Expect a green daily candlestick and upwards movement to a short term target at 2,474 – 2,475 tomorrow.”
The high today is 2,473.83, just 0.17 short of the 1 point target zone.