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.
An inside day closes red. Upwards movement was expected today. Price remains above the short-term invalidation point, and the session ended strongly.
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.
Price remains range bound with resistance about 2,940 and support about 2,920. The breakout is still expected to be in the same direction. Targets remain the same.