Further upwards movement continues as expected from the Elliott wave count.
Upwards movement has continued for the session as expected. The Elliott wave counts remain the same.
Yesterday’s Elliott wave and technical analysis expected the pullback may have ended and a third wave up may have begun. A strong upwards day exactly fits this expectation. The target for a third wave remains the same.
The most likely scenario expected yesterday was for downwards movement to continue, which is what has happened. The first target is met and the structure is incomplete. The second target will now be used.
Price closed back within the channel and remains above the invalidation point.
For the very short term, a little downwards movement to 2,894 and at least below 2,900.50 was expected to begin the week. The low for Monday at 2,898.21 fits the expectation reasonably well. Price remains range bound.
Yesterday’s Elliott wave count expected more downwards movement, and this view had support from a Bearish Engulfing candlestick reversal pattern on the daily chart. For today’s session, more downwards movement is what has occurred.
A short-term target for a pullback or consolidation was 2,918. Today’s high at 2,916.06 is just 1.94 points short of the target.