The first target given in yesterday’s analysis on the hourly chart was at 1,532. Price reached 1,533.24 and then turned sharply down.
Upwards movement continued as both Elliott wave counts expected. Targets remain the same.
A very small range inside day leaves the Elliott wave counts unchanged.
The first target at 1,452 was almost met this week with a high at 1,450.65.
More downwards movement fits the short-term expectation for both Elliott wave counts.
A little more downwards movement leaves both Elliott wave counts valid.
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.
More upwards movement was expected. The last daily candlestick makes a higher high and a higher low, which fits this expectation.
A strong upwards day with support from volume sees price break out of the channel on the daily chart. This necessitates a change in the Elliott wave count.
A small range upwards day moves price higher, but the candlestick closed red. Overall, this fits the Elliott wave count.
With New York Stock Exchange closed for Good Friday, there is no new data to analyse for Friday’s session. But the weekly technical analysis is updated in this analysis.
Strong signals from On Balance Volume support the Elliott wave count.