A pullback was expected for the short term. Thereafter, upwards movement has resumed.
An upwards week was expected from last analysis. The week began with a move lower, which hit support, and then bounced strongly from there to complete a long legged doji candlestick.
The upwards breakout noted last week has turned out to be false. Price is back within the consolidation zone.
For the short term, a downwards swing within a consolidation was expected and overall an upwards breakout looked more likely thereafter. The upwards breakout has come sooner than expected.
A bounce was again expected. Price has made a new high this week so far. The target is not yet met.
A bounce was again expected, but price continues to move overall sideways.
A bounce was expected to continue. Price began the week to make new highs and thereafter a pullback has remained above the short term invalidation point.
A little more downwards movement to end within the range of 16.173 to 15.874, or at target 16.093, was expected before a trend change. Price moved slightly lower, turning at 16.106, within the range and just 0.013 above the target.
All three Elliott wave counts remain valid. Classic analysis favours the main Elliott wave count.
A new low below 16.173 favours the main Elliott wave count.
Volume suggests the breakout direction from a large symmetrical triangle on the weekly chart.
Price continues to move sideways within a small consolidation. Volume may assist to tell which direction may be most likely for a breakout.
A little more upwards movement was expected before a pullback, but the pullback arrived early.
The pullback was expected to last a few days and so far has lasted 4.
Price has bounced over the last week exactly as last analysis expected it to.
Is the bounce now over?