A little upwards movement provides a little short-term clarity. The target is now close by.
A small range inside day leaves all Elliott wave counts unchanged today.
Downwards movement this week fits both short-term outlooks. Classic analysis is used to determine the probability of each with clear price points for a breakout.
An upwards breakout from a flag pattern was expected. The first Elliott wave target at 1,300 has been met. But the Elliott wave structure is incomplete, so the second target will now be used.
A little more downwards movement remains within the current consolidation zone. Only one hourly Elliott wave count now remains, giving some clarity on the structure of the correction.
The Elliott wave count remains the same. It expected more sideways movement.
Updates to analysis throughout the week have expected a continuation of upwards movement towards the target. This is exactly what has happened.
Upwards movement continues as the preferred Elliott wave count expects. A slight new high now changes the Elliott wave structure for two of the four Elliott wave counts.
A pullback was expected to end about 1,235. Downwards movement for Friday reached 1,232.98 and then quickly reversed.