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.
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.
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 very small range upwards day remains below the prior high and overall fits the short-term picture for the Elliott wave count.
A new high for Monday continues the upwards trend. The Elliott wave count remains the same and the target from the pennant pattern has not yet been met.
Now that price has broken above resistance more upwards movement was expected. The Elliott wave target remains the same.
A very small range inside day is inconclusive. The short-term structure on the hourly chart prompts another way to look at the alternate Elliott wave count today.