Price remains within confidence points for the main and alternate hourly Elliott wave counts. The breakout should come soon and simple volume analysis may be used to judge which direction is most likely.
Upwards movement was expected for Tuesday’s session. The session completed a green daily candlestick, but it was an inside day with no new high.
Although today’s daily candlestick closed green, it made a lower high and a lower low (which is the definition of downwards movement). This was expected for the Elliott wave count.
The short term resistance line on the hourly chart neatly showed where upwards movement for the session ended.