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.
Price has moved sideways in a small range for Monday’s session. This fits the hourly Elliott wave count and the alternate daily Elliott wave count best.
Upwards movement for the start of the week breaks above a prior small consolidation with a breakaway gap. Gaps can be useful for trading.
The target given by the Elliott wave count can now be calculated at two degrees, so it widens to a small zone.