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.
Price remains constrained within a small zone of support and resistance. The three Elliott wave counts remain the same.
The internal strength of this upwards day is analysed to determine which Elliott wave count looks more likely.
Another test of support today saw price bounce again.
The AD line today sends a strong indication of what to expect tomorrow; this supports the Elliott wave count.
A small Doji candlestick today completes an inside day.