A very small range inside day is inconclusive. The short-term structure on the hourly chart prompts another way to look at the alternate Elliott wave count today.
Today’s small pullback is analysed for internal strength or weakness. The Elliott wave count is adjusted for the short term while the mid-term target remains the same.
Upwards movement continues as expected and the target remains the same.
Price has essentially moved sideways for Monday’s session, which is what the Elliott wave count expected.
A small inside day fits both Elliott wave counts.
Two Elliott wave counts are published now for members. The main Elliott wave count has slightly more support from classic technical analysis.
Overall more downwards movement was expected from the new main Elliott wave count.
Upwards movement was expected as most likely for Wednesday. The target on the main Elliott wave count remains the same.
Upwards movement completes a candlestick reversal pattern. This and volume indicate the Elliott wave counts should be swapped over today.