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.
Price moved to record new all time high.
The short term outlook from last analysis expected a short spike up to just above 2,467.57 and then a downturn. This is not what happened. Price has moved sideways in a small range suggesting a small Elliott wave triangle.
For the short term, downwards movement was expected for Thursday’s session. An inside day completes as a red daily candlestick, mostly meeting expectations but not as clear as hoped for.
A downwards swing was expected to begin the week. This is exactly what has happened.
Members were advised after Thursday’s session to enter long positions with stops just below the last gap at 2,460.31. Positions should now be profitable and profits may be taken or stops moved up to breakeven.
On Balance Volume is very bullish. Members are given some trading advice on how to approach this market at this time.
A bullish signal yesterday has now been followed by another upwards day. Support from volume means a more bullish wave count is considered.
Downwards movement was expected. This is how the session began, but price recovered well by the end of the session to come up to touch the trend line expected to provide resistance on the hourly chart.
A green daily candlestick was expected for Monday. Although price has made a lower low and a lower high, the candlestick did close green as the expected bounce came at the end of Monday’s session.