Downwards movement was expected for Friday’s session, which is exactly what has happened.
The Elliott wave count uses structure and alternation to indicate where price may find support and how long a correction may last.
An inside day to end the session prints a Dragonfly Doji. In the context of an upwards trend, this is bullish.
The alternate Elliott wave count was invalidated this week leaving only the one main Elliott wave count at this time. Targets remain the same.
The Elliott wave count now expects a pullback or consolidation to continue. An upwards day remains below the last high and fits expectations so far.
Another new all time high today reaches the next target and slightly exceeds it.
A new low below 3,220.51 and the narrow channel about most recent upwards movement suggests a fourth wave correction may have arrived. Fibonacci ratios and the fourth wave of one lesser degree are used to estimate a target for support.
All week upwards movement has been expected, which is exactly what has happened.
Price is closing in on the target zone of 2 points, which is calculated from a gap and using Fibonacci ratios in the Elliott wave structure.
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.