Upwards movement has continued as the bigger picture for the Elliott wave count expected, although a little more sideways movement was expected first.
Downwards movement remains well above the invalidation point and the lower edge of the channel on the main Elliott wave daily chart.
Upwards movement continued for the start of the new week, reaching just 0.51 points short of the first target.
Last analysis identified a small pennant pattern and expected an upwards breakout. This is exactly what has happened.
Targets are calculated using an Elliott wave count with Fibonacci ratios, and the flag pole of the pennant.
Upwards movement continues as expected for the main Elliott wave count. The alternate Elliott wave count still remains valid, but it does not have support from classic technical analysis at this time.
A short-term pullback was expected to begin on Friday, but this did not eventuate. Overall, an upwards trend was expected to be in place and this continues. The target remains the same.
More upwards movement fits the mid-term expectation for the Elliott wave count, although another test of support was expected first.
An inside day closes red. The candlestick for Friday offers a clue as to what looks most likely for Monday.