The short term target for upwards movement was 2,540 to 2,541 on the hourly chart. Price moved up to sit right within this small one point zone, to 2,540.53.
Last analysis offered a warning in the summary that price may move higher, and may make a new all time high. This is what has happened today.
A quick spike up was expected to begin the week, but it was expected to move just above 2,469.64 before turning. Price has moved comfortably higher, reaching so far to 2,488.95.
Price is moving sideways in a small range for the last two sessions. The short term direction expected by the Elliott wave count remains the same.
A small doji for Wednesday’s session saw price move sideways in a very small range. The Elliott wave count is only changed for the very short term at the hourly chart level, and only slightly.
A pullback was expected and support is holding. Price remains above the invalidation point.
A strong whipsaw moved below the short term invalidation point on the hourly Elliott wave count. However, downwards movement was quickly retraced and today’s candlestick looks very bullish.
Upwards movement continues with a new all time high. Downwards movement at the end of this session remains above stops on long positions.
Monday was expected to begin with a little downwards movement to either 2,358 or 2,354.
Price did move lower, but it reached down to 2,344.73 before bouncing strongly higher.
A brief shallow pullback was expected for Friday. Price moved overall sideways meeting the expectation.