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.
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.
A strong upwards day sees the Elliott wave counts swapped over. Targets remain the same.
The internal strength of this upwards day is analysed to determine which Elliott wave count looks more likely.
Upwards movement was expected to continue. A new high today fits this expectation.
The two short-term Elliott wave counts today diverge very slightly, but the larger Elliott wave count remains exactly the same.
A small Doji candlestick today completes an inside day.
Upwards movement has continued for the session as expected. The Elliott wave counts remain the same.
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.