For the very short term, a little more downwards movement was expected to end about 2,930 to 2,924. Downwards movement for the session reached 2,916.01, 7.99 below the lower edge of the target zone.
Downwards movement was expected as most likely for Friday’s session, which is exactly what happened.
The first target at two degrees can now be calculated.
A small inside day leaves the short-term Elliott wave count unchanged.
Upwards movement has continued as the bigger picture for the Elliott wave count expected, although a little more sideways movement was expected first.
Downwards movement remains well above the invalidation point and the lower edge of the channel on the main Elliott wave daily chart.
Upwards movement continued for the start of the new week, reaching just 0.51 points short of the first target.
Last analysis identified a small pennant pattern and expected an upwards breakout. This is exactly what has happened.
Targets are calculated using an Elliott wave count with Fibonacci ratios, and the flag pole of the pennant.
Upwards movement continues as expected for the main Elliott wave count. The alternate Elliott wave count still remains valid, but it does not have support from classic technical analysis at this time.
A short-term pullback was expected to begin on Friday, but this did not eventuate. Overall, an upwards trend was expected to be in place and this continues. The target remains the same.