A more time consuming correction was expected to have begun after yesterday’s downwards movement. Downwards movement was expected to continue although it has reached below expected support at 3,081.
Price continues to move higher towards the target with brief and shallow corrections, exactly as expected.
A small channel on the hourly chart today may be used to indicate when the next correction may have arrived.
The upwards trend continues as the Elliott wave count expects.
Members have been advised to expect corrections at this time to be relatively brief and shallow, which is exactly how the market is behaving.
Upwards movement unfolded for Friday, which is what the analysis on Thursday had expected. Targets remain the same.
An inside day sees price remain above the invalidation point.
A new short-term Elliott wave count is presented.
For the short term, a pullback was expected for this session. Price moved reasonably below the target at 3,107 to find a low at 3,091.41, 15.59 points below the target.
Price remains above the invalidation point and has bounced up strongly off the low.
Upwards movement continues towards targets as expected.
The Elliott wave target remains the same. Classic analysis supports the Elliott wave count.