Last analysis expected a little more upwards movement before a trend change.
Price moved sideways in a very small range, completing a triangle for a B wave.
The wave count remains the same.
Click on the charts below to enlarge.
It is most likely that primary wave 4 is not over and is unfolding as a large flat correction.
Within the flat correction intermediate wave (B) must be at least 90% the length of intermediate wave (A). This wave count requires more downwards movement to this minimum at 1,205.74.
Within an expanded flat the B wave is 105% the length of the A wave, so this wave count allows for a new low as quite likely, because expanded flats are the most common type of flat.
Intermediate wave (B) would be about three or so weeks away from ending.
Sideways movement for Friday’s very quiet session unfolds as a contracting triangle, with a longer lasting (C) wave, on the five minute chart. This was most likely micro wave B within the second zigzag structure of minuette wave (ii).
Minuette wave (ii) is an incomplete double zigzag. At 1,327 micro wave C would reach 0.618 the length of micro wave A. If price keeps rising through this first target the next expectation would be at 1,335 where micro wave C would reach equality in length with micro wave A.
I would expect micro wave C to be over during Monday.
The next movement should be a third wave down, which should see an increase in downwards momentum.
When price moves below 1,314.81 then downwards movement cannot be a second wave correction within micro wave C, and so micro wave C would have to be over. At that stage downwards movement would most likely be minuette wave (iii).
Minuette wave (ii) may not move beyond the start of minuette wave (i). This wave count is invalidated with movement above 1,352.90.
Alternate Daily Wave Count.
This wave count has problems of proportion which make it look odd. However, with movement below 1,291.95 it has increased in probability.
If primary wave 4 is over then it lasted only 9 weeks, compared to primary wave 2 which lasted 53 weeks. This gives the monthly chart the wrong look. However, primary wave 2 was a double combination and primary wave 4 a single zigzag. These corrective structures do have different durations; the purpose of combinations is to take up time and move price sideways. This wave count is technically possible, but it does not have a good probability.
At 1,174 minute wave iii would reach 1.618 the length of minute wave i.
Within minute wave iii no second wave correction may move beyond the start of its first wave. This wave count is invalidated with movement above 1,375.38.