Upwards movement was expected to continue. The Elliott wave target at 2,780 for a short-term interruption to the bullish trend was too low. Price reached 2,800.18.
A small range inside day fits overall expectations.
The main Elliott wave count remains the same. The alternate Elliott wave count is slightly adjusted to consider a different short-term structure.
A little upwards movement was expected to begin the new week, which is what has happened.
Upwards movement continues as expected.
On Balance Volume this week gives important signals on the daily and weekly charts.
A pullback was expected to begin the new trading week. A lower low and a lower high fits this expectation exactly.
Last analysis expected a pullback or consolidation to begin the new trading week. A red daily candlestick fits this expectation perfectly.
Last analysis warned that some small range downwards days or doji may show up at this stage. A small red candlestick for Wednesday’s session fits this description.
A green daily candlestick was expected for Friday’s session. Although the candlestick printed green, the session saw a lower low that was not expected.
Overall, the Elliott wave count remains the same with price remaining well above the invalidation point. The AD line and On Balance Volume continue to support the Elliott wave analysis.
More upwards movement unfolded as last analysis expected.
Today a candlestick pattern is balanced against analysis of On Balance Volume and the AD line to decide which short term Elliott wave count is most likely for tomorrow.