Another small range day moves price mostly sideways. After a highly significant breakout, a pullback or consolidation was expected to test support.
The alternate Elliott wave count expected for the short term a new high to 1,349 before a reversal. Price reached 1,357.92, remaining below the Elliott wave invalidation point, and there sharply reversed.
For the very short term, a bounce was expected for this session. The bounce is higher than expected, but it remains below the Elliott wave invalidation point.
Some downwards movement at the end of the session fits expectations from the Elliott wave counts.
Upwards movement remains below the invalidation point and price remains within the base channel. The next target at the 0.618 Fibonacci ratio is now used.
A little upwards movement remains below the invalidation point. A new short-term Elliott wave count is considered.
A small range inside day sees the Elliott wave count remain the same. At the end of this week, classic analysis now supports the Elliott wave count.
Upwards movement continues towards the target.
A sideways consolidation was expected to begin after the session for the 4th of January closed. The following three sessions thereafter have all moved sideways, which exactly meets expectations.
Elliott wave analysis is used to determine when a corrective structure may be complete.
Upwards movement has continued as expected. The Elliott wave targets remain the same.
A strong bounce invalidated the short-term hourly chart of one Elliott wave count, which increased the confidence in another Elliott wave count.
Sideways movement was expected to continue. A small range downwards day remains between identified support and resistance. This fits expectations.