Today’s Elliott wave analysis will answer the question of whether or not the correction is over, and also what to look out for with regards to confirmation.
Upwards movement to a short term target for Friday was expected. The target at 1,164 – 1,168 was met and slightly exceeded by 0.41.
I have a new wave count. Volume analysis favours it, and some problems with the prior Elliott wave count are resolved.
The main wave count was invalidated with a new high above 1,119.56.
The alternate was confirmed, which expected more upwards movement.
The main Elliott wave count expected downwards movement, which is what has happened for Monday.
Price began the session with downwards movement, which was expected, but the upwards move to end the session is much deeper than expected.
Downwards movement was expected.
The Elliott wave count remains the same, supported again by technical analysis indicators.
Upwards movement was expected for Monday, which is what happened.
A channel breach on the hourly bull Elliott wave count indicated a small correction may have arrived.
Downwards movement fits the bear Elliott wave count best.
I have a new bull hourly Elliott wave count today.
I have a new bull Elliott wave count which resolves some of the problems with the prior bullish Elliott wave count.
All four Elliott wave counts remain valid. The most recent movement has a better fit in terms of structure for Elliott wave count 4.
Downwards movement was confirmed quickly with a channel breach of the hourly chart. Thereafter, a red candlestick was expected for Tuesday’s session.
Downwards movement was expected for one to three days towards the target. Upwards movement is finding resistance about the upper edge of the channel, with a strong overshoot.