Price moved sideways and then higher, which was what was expected from the Elliott wave count.
End of week analysis expected sideways or higher movement for the new week.
So far this is what is happening with Monday completing an upwards day that has not yet made a new high above last week’s high.
A new high above 1,236.88 indicated more upwards movement towards a target about 1,245. Price continued only slightly higher so far to reach 1,238.88.
Upwards movement continues as expected. Members have been advised to move stops up now to protect some profit. Profit targets are still the same. A new channel on the hourly chart will be used to manage long positions.
The main Elliott wave count expected upwards movement for Tuesday’s session, which is what has happened.
Downwards movement was expected to continue. Overall, Friday’s session did move price lower with a lower low and a lower high, but the session closed green with a strong upwards push. This was not expected.
Members are offered some trading strategies for how to approach this market early next week.
Downwards movement continued for Thursday as expected. Price is now below the lower edge of the base channel on the hourly chart.
Downwards movement continued as expected for the main Elliott wave count.
A lower high and a lower low moved price lower for Monday’s session, which is overall what the main Elliott wave count expected. A public holiday in the USA for Presidents Day saw markets very quiet.
A breach of the trend channel and a new low below 1,195.82 invalidated the main Elliott wave count and confirmed the alternate.
Some weakness is seen in this upwards movement and price remains within a narrow channel on the hourly Elliott wave chart.
Another very small range day completes a small doji candlestick. This fits neatly with the expectations short term for the Elliott wave count.
A small upwards day fits all four Elliott wave counts. Price behaviour is now pointing to which wave count looks most likely.