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.
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.
For the short term, a little more upwards movement was expected to unfold as a zigzag. Price remains within the channel on the daily chart.
A small range day fits the overall expectation for the Elliott wave count.
Downwards movement continues as all three Elliott wave counts expected.
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.
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.
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.