A small inside day sees the target for one of the two Elliott wave counts adjusted. This new target is now closer to the target for the other Elliott wave count.
Upwards movement was expected after last analysis. Friday completed a higher high and a higher low, but a deep pullback at the end of the session closed the candlestick red. Price remains above the invalidation point on the hourly chart.
Price has reacted strongly downwards after moving slightly higher to perfectly touch the long term bear market trend line, which was expected. A red daily candlestick was printed as expected.
A very small range inside day only changes the Elliott wave count at the hourly chart level, slightly. The bigger picture and the target remain the same.
An upwards day was again expected as most likely, but this is not what happened. Price remains above the invalidation point on the main hourly chart, and has quickly returned to within the blue channel.
Price has moved sideways and remains above the invalidation point on the hourly chart. The correction is taking a little longer than expected.
More sideways and upwards movement was expected. An outside day which closed higher fits expectations.
The invalidation point on the daily chart was breached indicating a trend change.
A downwards day, which was expected as most likely, followed the blow off top.
Yesterday’s analysis expected the correction to continue sideways for another day.
A small downwards day mostly fits the expectation and price remains well above the invalidation point on the hourly chart.
Upwards movement continues and price has remained within the upper half of the channel on the hourly chart, which was expected at this stage.
Trading advice is given to members to manage long positions towards the end of this week.
A classic upwards breakout has unfolded as expected. In last analysis members were advised to enter a hedge or just enter long. With stops for long positions just below 1,240.24 or 1,221 (depending on trading strategy), members should now have profitable long positions. Short hedges, if entered, should have been automatically closed just above 1,269.72.
Trading advice for profit taking and managing long positions is given today.
It is time to step back and look at the bigger picture. Today’s analysis updates monthly and weekly charts.
An upwards breakout was again expected, but price remains range bound.