Upwards movement was expected from yesterday’s Elliott wave count.
Upwards movement was expected for Monday’s session, which is what happened although price moved higher in a very small range.
A correction was expected to end about 1,325.
Price did move lower but only to 1,330 before turning upwards.
Yesterday’s analysis expected some sideways movement for a fourth wave.
Overall, price moved lower to complete an inside day which looks like a long legged doji on StockCharts data.
Upwards movement continued as per the alternate hourly Elliott wave count.
The channel on the hourly chart remains intact.
Overall sideways movement fits the main Elliott wave count nicely.
Price moved lower as yesterday’s Elliott wave count expected.
A break slightly above 1,266.27 to 1,266.75 meant price was expected to continue higher, but this was not what happened.
The alternate hourly Elliott wave count was confirmed with a new low below 1,255.66. At that stage, the target was 1,243.50.
More downwards movement to a target at 1,224 was expected.
Price moved lower to reach 1,226.59 so far.
A correction was expected to continue.
A small real body for mostly sideways movement fits the expectation.
Upwards movement has now breached the final bear market trend line.
With confirmation of a trend change, the main wave count should now be bullish.
Upwards movement was expected to end either yesterday or very soon.
This upwards movement for Wednesday was unexpected but does not yet invalidate the main Elliott wave count.
Yesterday’s analysis expected a new high above 1,112.19 and an upwards breakout, which is exactly what has happened.