A sharp upwards spike completes a strong candlestick pattern today, which suggests the next direction for at least a few days.
More upwards movement was expected. The last daily candlestick makes a higher high and a higher low, which fits this expectation.
A small range upwards day moves price higher, but the candlestick closed red. Overall, this fits the Elliott wave count.
Another downwards day with a lower low and a lower high was expected.
Another small range day and a little more downwards movement overall fits the expectations for the Elliott wave counts.
An outside day remains range bound. A breakout from this consolidation is required to indicate the next trend.
Fibonacci ratios are used with the Elliott wave count to calculate targets for a final high.
Price continues to behave as the preferred Elliott wave count expects, and the short-term target remains the same.
Only three weekly Elliott wave counts remain.
A continuation of downwards movement was expected for the short term. With the 0.382 Fibonacci ratio passed, the 0.618 Fibonacci ratio is a new target.
Another small range day fits short-term expectations. All Elliott wave counts remain valid.
An upwards day with support from volume breaks above resistance.
Resistance zones will be used as targets.
The ascending triangle pattern has not resulted in a clear breakout, so it is discarded.
Four Elliott wave counts remain valid. Two hourly charts are provided for members today.