The Elliott wave count remains the same. It expected more sideways movement.
Both Elliott wave counts expected more sideways movement, which is what has happened.
The breakout is expected to be in the same direction from the Elliott wave count and from classic technical analysis of the current pattern.
A pullback was expected to end about 1,235. Downwards movement for Friday reached 1,232.98 and then quickly reversed.
Sideways movement in a small range fits the short-term expectation from the Elliott wave count. Volume today supports the preferred Elliott wave count.
With markets in the US closed for Thanksgiving Day, a very quiet 24 hours sees a very small doji candlestick leave the analysis the same.
The main Elliott wave count expected more upwards movement, which is so far what has happened.
Downwards movement was not expected for Wednesday, but price remains above the invalidation point and the preferred Elliott wave count remains valid.
For the mid term, volume and On Balance Volume this week give an important signal. For the short term, Friday’s candlestick gives a contradictory signal. The main Elliott wave count remains the same.
Last analysis expected a downwards breakout from a small Elliott wave triangle was underway, which is exactly what is happening.
Another small range inside day sees the Elliott wave counts very slightly adjusted, but this makes little difference to the short term expectation and no difference to the mid or long term expectation. The breakout direction is still expected to be the same.