Some consolidation or a pullback was expected to begin. An outside day which closes red overall fits this expectation.
A short-term target for a pullback or consolidation was 2,918. Today’s high at 2,916.06 is just 1.94 points short of the target.
A small range downwards day saw price move mostly sideways. Price remains above the Elliott wave invalidation points and within the channel. Targets remain the same.
Another small range day remains below the last high. Overall, this fits the short-term expectation for the Elliott wave count.
Today On Balance Volume and the AD line indicate the likely form of this current correction.
Downwards movement has indicated a larger correction may have arrived after eight consecutive upwards sessions. Volume is analysed to identify strength or weakness in today’s pullback.
Upwards movement was expected. Price has moved a little higher.
Price is moving sideways and remains range bound.
The main Elliott wave count today has good support from classic technical analysis. The AD line (as an indication of market breadth) and moving averages are used to indicate the most likely breakout direction.
Price moved lower but remains above the last short-term low and the short-term invalidation point on the hourly chart.
A little more downwards movement was expected for Monday, although the short-term target at 2,796 was too high.