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.
Another downwards day with a lower low and a lower high was expected.
Downwards movement has unfolded as expected. A clear breach of the channel on the daily chart now adds strong confidence to the preferred Elliott wave count and the next Elliott wave target.
Another small range day and a little more downwards movement overall fits the expectations for the Elliott wave counts.
A small range day fits the overall expectation for the Elliott wave count.
An outside day remains range bound. A breakout from this consolidation is required to indicate the next trend.