A small correction was expected to continue. With price moving slightly lower and closing as a small doji candlestick for Friday’s session, this is what is happening.
Price has moved overall higher to begin the new trading week, towards the new target provided in last analysis.
A very small doji for an inside day sees the Elliott wave counts remain the same. The AD line as a measure of market breadth today gives another signal.
A bullish signal yesterday has now been followed by another upwards day. Support from volume means a more bullish wave count is considered.
A downwards session was expected for Thursday. This is exactly what happened.
The main wave count expected more upwards movement, which is what has happened. Targets remain the same.
A breakout was expected for Friday but did not happen. An inside day was completed. Price remains range bound for this market.
Price moved a little lower before bouncing upwards to close green at the end of the session.
Downwards movement for the day remains above the invalidation point and the breakaway gap is offering support. Volume analysis today may help to determine the direction for tomorrow.
Analysis yesterday again expected more upwards movement. While that is how the session began in the first hour, thereafter price fell to complete a small red daily candlestick.