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.
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.
A pullback was expected and support is holding. Price remains above the invalidation point.
A new all time high at the open gap up invalidated the alternate Elliott wave count providing confidence in the main Elliott wave count. The target remains the same.
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.
Price continues to move sideways.
A large symmetrical triangle may be forming.
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.
A small downwards day was not expected for the short term, but overall the wave count remains the same.