A small inside day continues a small consolidation. The main and alternate short-term Elliott wave counts remain essentially the same.
Price is now very close to the Elliott wave target at 3,260.
A new low below 3,220.51 and the narrow channel about most recent upwards movement suggests a fourth wave correction may have arrived. Fibonacci ratios and the fourth wave of one lesser degree are used to estimate a target for support.
Overall, this week’s analysis has expected a consolidation or pullback for an Elliott wave fourth wave correction. That view remains unchanged at the end of this week.
Last analysis expected that a consolidation had begun. An upwards day, which has not made a new high, fits within a new potential trading range.
Yesterday’s analysis expected a short-term pullback or consolidation. A small range downwards day fits this expectation.
A small inside day leaves the Elliott wave counts the same.
A little more downwards movement was expected before the upwards trend resumed. With price moving higher on Monday, the upwards trend may have resumed more quickly than expected.
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.