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 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.
An upwards breakout fits the alternate Elliott wave count.
Price is now range bound. Two Elliott wave counts are used to map out possible movement and targets after a breakout in either direction.
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.
Downwards movement was expected for Thursday’s session. An inside day sees price remain above identified support and below the Elliott wave invalidation point.
The very short-term expectation from yesterday’s hourly chart was a small bounce, which is what has happened.
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.
Price continues to move lower as all three Elliott wave counts expect. Targets remain the same.
A small amount of upwards movement was expected. Price moved slightly higher.
The short-term target remains the same.