A red daily candlestick was expected for Wednesday’s session. Price has made a lower low and a lower high, the definition of downwards movement, but the candlestick has closed green after a rally at the end of the session.
Last Elliott wave analysis expected downwards movement for the short term. This is not what happened, but upwards movement remains below the invalidation point and within the base channel.
Last analysis concluded the situation was unclear for the short term. A smaller range inside day mostly fits expectations. Upwards movement during Friday’s session remains well below the invalidation point on the hourly chart.
A downwards session was expected for Thursday. This is exactly what happened.
A downwards day was expected for Wednesday, but this did not happen. Upwards movement invalidated the hourly Elliott wave count.
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.