A small shallow correction was expected to end and be followed by upwards movement. This is what happened. Targets remain the same at this time.
The hourly chart in yesterday’s analysis expected a little more upwards movement for the very short term. This is exactly what has happened.
The bigger picture remains the same, and a little more confidence is had in this analysis with the structure completing as expected.
Analysis for the last two days has expected overall downwards movement. A small channel provided on the last hourly chart was used to indicate when downwards movement may be over for the very short term, if price breached it.
Members were advised after Thursday’s session to enter long positions with stops just below the last gap at 2,460.31. Positions should now be profitable and profits may be taken or stops moved up to breakeven.
The target for upwards movement was not met, but price did move higher towards it. The target is recalculated today.
The alternate hourly wave count was indicated as correct early in the session when price made a new high above 2,462.59.
Last Elliott wave analysis expected downwards movement for the short term. This is not what happened, but upwards movement remains below the invalidation point and within the base channel.
An upwards breakout may have come sooner than expected. The final target remains the same.
A bounce was expected for Thursday’s session and this is exactly what happened.
Price remains range bound. Another small doji completes an inside day.
The Elliott wave counts remain mostly the same with a small change for the main hourly chart.