A small inside day leaves the Elliott wave counts the same.
Overall, upwards movement was expected to continue. With price now back close to resistance at the last all time high and showing a little weakness, the risk here of a small pullback is high. Fibonacci ratios are used to judge where a pullback may find support.
A pullback or consolidation was expected to continue to a short-term target at 2,975 – 2,977. The low for the session was at 2,957.73.
Analysis of internal strength or weakness of the last few sessions indicates the main Elliott wave count is more likely. Two alternate Elliott wave counts remain valid.
The internal strength of this upwards day is analysed to determine which Elliott wave count looks more likely.
A small Doji candlestick today completes an inside day.
More sideways movement was expected to begin the new week. A small range Doji candlestick exactly fits this expectation. A target for this consolidation to end may now be calculated.
A downwards swing failed to make a new low today. Three out of four short-term Elliott wave counts now remain valid.
Overall, upwards movement continues as expected. The Elliott wave target remains the same.
Two hourly charts are published today for the short-term picture.
The upwards trend was expected to continue. An inside day today closes green, and the balance of volume was upwards. Elliott wave and classic analysis targets remain the same.