An upwards breakout may have come sooner than expected. The final target remains the same.
The Elliott wave count expected a continuation of a sideways correction. Price remains range bound. For the short term price was expected to move lower, which has happened.
Sideways movement was expected for Monday, which is exactly what happened.
Upwards movement to a target at 2,448 to 2,450 was expected. Price moved higher to reach 2,446.20 before turning strongly downwards on Friday. Price fell just 1.8 points short of the 2 point target zone.
Downwards movement was expected to most likely be a small pullback within an ongoing upwards trend.
The pullback has remained above the invalidation point, as expected. The target is slightly adjusted; the Elliott wave target is now only 2 points from the classic analysis target.
A red daily candlestick was expected for Tuesday’s session, buy this is not what happened. Price moved slightly higher to complete a small green candlestick.
The main Elliott wave count expected upwards movement. This is what has happened to start the new week.
A bounce was expected for Thursday’s session and this is exactly what happened.
The main hourly Elliott wave count was invalidated within the first hour of the session. Two alternate hourly wave counts remained.
The main wave count expected more upwards movement, which is what has happened. Targets remain the same.