Last analysis expected that a primary degree bearish wave had arrived. Today’s downwards movement overall fits that expectation, although targets were inadequate.
Downwards movement remains above the invalidation point for the main Elliott wave count and above the last swing low on the daily chart. Two Elliott wave counts remain valid.
Another inside day comes with a small signal from the AD line.
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.
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.
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.