Last analysis expected that a consolidation had begun. An upwards day, which has not made a new high, fits within a new potential trading range.
A small inside day leaves the Elliott wave counts the same.
A small downwards day remains above the Elliott wave invalidation point, and price remains within the channel on the short-term hourly chart. Overall, price is so far behaving as expected.
Overall, upwards movement was expected to continue. With price now back close to resistance at the last all time high and showing a little weakness, the risk here of a small pullback is high. Fibonacci ratios are used to judge where a pullback may find support.
At the end of this week, the AD line gives another signal that strongly supports the main Elliott wave count.
A pullback or consolidation was expected to continue to a short-term target at 2,975 – 2,977. The low for the session was at 2,957.73.
Upwards movement was expected to resume. The session has closed as an outside day with a strong finish and a green daily candlestick.
Analysis of internal strength or weakness of the last few sessions indicates the main Elliott wave count is more likely. Two alternate Elliott wave counts remain valid.