A downwards day remains within the consolidation zone.
The Elliott wave count remains valid.
Sideways movement continues as both Elliott wave counts expected.
Today a small range day remaining well within resistance and support does not change the Elliott wave counts.
A sideways consolidation was expected to begin after the session for the 4th of January closed. The following three sessions thereafter have all moved sideways, which exactly meets expectations.
Elliott wave analysis is used to determine when a corrective structure may be complete.
Some downwards movement was expected, which is what has happened.
The target for upwards movement to end was at 1,295. Friday’s high at 1,295.98 almost perfectly met expectations. Members were warned to look out for a sharp reversal after the upwards wave ended.
Updates to analysis throughout the week have expected a continuation of upwards movement towards the target. This is exactly what has happened.
A small inside day for Friday leaves the Elliott wave count unchanged. The target remains the same.
Price continues to behave as the preferred Elliott wave count expects, and the short-term target remains the same.
Only three weekly Elliott wave counts remain.
Upwards movement has continued for Monday exactly as expected. The Elliott wave target remains the same.