The bullish and bearish Elliott wave counts now may diverge. A clear price point differentiates the two ideas.
Upwards movement was expected to continue, which is exactly what has happened. A new high above 1,311.40 early in the session added confidence to this expectation.
A small range upwards week remains within the channel and below the invalidation point. The Elliott wave counts remain the same, and all expect the same direction next week.
Price moves lower as expected.
Today On Balance Volume gives a strong signal, which supports the Elliott wave count.
For the short term, a little more upwards movement was expected to unfold. A close today below the channel on the daily chart after some downwards movement shifts this view.
Price continues lower as the Elliott wave counts expect. Today volume and ATR suggest this may end soon. Resistance is identified for a potential bounce.
Price remains within the consolidation zone. While strong support holds, the preferred Elliott wave count will remain at a critical juncture.
A downwards day remains within the consolidation zone.
The Elliott wave count remains valid.
Upwards movement has continued for Monday exactly as expected. The Elliott wave target remains the same.
For the very short term, some downwards movement was expected, which is what has happened at the end of the week.
Upwards movement was expected for Thursday. This is exactly what has happened.
A small inside day fits the preferred Elliott wave count.
Price remains range bound. Volume still indicates the same expected breakout direction.