A breach of the small channel on the hourly Elliott wave chart in the third hour of today’s session saw an expectation that price may continue lower to either 2,736 or 2,696. A close at 2,700 mostly fits this expectation.
Upwards movement overall was expected for the week, which is what has happened.
Upwards movement indicates an alternate Elliott wave count looks more likely.
Today two Elliott wave counts are again presented as options.
Price remains above the invalidation point. Both Elliott wave counts remain valid.
A red daily candlestick fits expectations of overall downwards movement for the session.
An outside day remains below the last high.
A small upwards day remains below the short term Elliott wave invalidation point. Three short term Elliott wave counts are presented today.
Upwards movement continues towards the Elliott wave and classic technical analysis targets.
Last analysis expected a brief shallow pullback. A small range day, closing as a doji candlestick, perfectly fits this expectation with a slightly lower high and slightly lower low.
The last main Elliott wave count expected upwards movement to continue.
An important trend line has been breached today, and the AD line is very close to providing a major signal.