Again, upwards movement was expected. The session closed green although it completed with a lower low and a lower high, the definition of downwards movement. Price remains range bound between resistance at about 2,370 and support at about 2,340. The breakout will probably come tomorrow during Non Farm Payroll data release.
A new high above 2,367.79 confirmed the alternate hourly wave count, which expected more upwards movement with an increase in momentum to a target at 2,397. The high for the day was 2,400.98.
The main Elliott wave count from yesterday’s analysis expected price to move higher.
Assume the trend is the same, until proven otherwise.
Another small range day moved price lower, which the main Elliott wave count expected, but today classic technical analysis strongly suggests the price direction for tomorrow and so a new hourly chart is published today.
Downwards movement was expected.
Price made a lower high and a lower low for the session.
Upwards movement was expected from the main hourly Elliott wave count, which is what happened.
Another small range day for another doji, now four in a row.
The squeeze on price should be over very shortly.
A small inside day fits both Elliott wave counts.
Downwards movement fits the Elliott wave count. Price remains below the invalidation point.
This bounce is so far unfolding as expected.
A new low below 1,901.10 confirmed a third wave down was unfolding.
Thereafter, price continued lower.