Price is now range bound. Two Elliott wave counts are used to map out possible movement and targets after a breakout in either direction.
A strong upwards day with support from volume sees price break out of the channel on the daily chart. This necessitates a change in the Elliott wave count.
Downwards movement was expected for Thursday’s session. An inside day sees price remain above identified support and below the Elliott wave invalidation point.
The very short-term expectation from yesterday’s hourly chart was a small bounce, which is what has happened.
With New York Stock Exchange closed for Good Friday, there is no new data to analyse for Friday’s session. But the weekly technical analysis is updated in this analysis.
Strong signals from On Balance Volume support the Elliott wave count.
Price continues to move lower as all three Elliott wave counts expect. Targets remain the same.
A small amount of upwards movement was expected. Price moved slightly higher.
The short-term target remains the same.
Downwards movement has unfolded as expected. A clear breach of the channel on the daily chart now adds strong confidence to the preferred Elliott wave count and the next Elliott wave target.
For the short term, a little more upwards movement was expected to unfold as a zigzag. Price remains within the channel on the daily chart.
Price is moving sideways. The Elliott wave counts remain unchanged.
A small range day fits the overall expectation for the Elliott wave count.