Volume analysis supports the Elliott wave analysis at this stage.
A higher high and a higher low fits the definition of upwards movement, which is what the main Elliott wave count expected.
Downwards movement today remains within a small zone of recent support and resistance, and both Elliott wave counts remain valid.
Upwards movement fits the alternate hourly Elliott wave count.
With support now from volume today, the hourly wave counts for the short term picture are swapped over.
A pullback was expected to end about 1,318 and an upwards swing to resume there, but the pullback was already over and upwards movement continued.
Upwards movement was expected. A higher high and a higher low for Monday’s session saw price move overall higher.
Upwards movement continued as expected.
Today’s classic analysis sees a new idea for the short term as now more likely.
At least a little upwards movement to a target at 1,339 was expected. Upwards movement has unfolded to reach 1,342.08 so far.
Last analysis expected long positions to be held for those with a longer time frame, and stops to be pulled up to just below 1,260.70. The target remains the same, and long positions should now have much less exposure to risk.