A bounce was expected for the short term, which is exactly what has happened for the session.
A long lower wick on today’s daily candlestick supports the short-term outlook for both Elliott wave counts.
A strong downwards day indicates the alternate triangle Elliott wave count may be more likely than the main, which differs only for a short-term outlook. The wave counts are switched over today.
A new high above 1,346.45 was expected for the main Elliott wave count, although some further consolidation was expected first.
An inside day with relatively weak volume fits the expectations for some consolidation after a blow off top. The final target zone remains the same.
A sharp upwards spike completes a strong candlestick pattern today, which suggests the next direction for at least a few days.
A small consolidation or pullback was expected to begin within this upwards movement. Today that may have arrived, as the short-term expectation for yesterday’s hourly chart anticipated.
Upwards movement was expected to continue, which is exactly what has happened. A new high above 1,311.40 early in the session added confidence to this expectation.