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.
Upwards movement has unfolded as expected.
A pullback was expected and support is holding. Price remains above the invalidation point.
A small inside day saw price move sideways for Friday, remaining within the channel on the hourly chart.
The short term expected downwards movement for Wednesday, which again did not happen.
A small pullback was expected to unfold here or shortly. An upwards day closes red, with a long upper wick on the candlestick. This looks like a small pullback may have begun at the end of this session.
A red daily candlestick with a long lower wick makes the Elliott wave count have a better look now at the daily chart level.
A small sideways day sees the Elliott wave count slightly adjusted, which effects the target zone. An alternate hourly Elliott wave count is provided today just in case.
Price has made a lower high and a lower low, although it closed green.