A pull back is expected which may not last for too long. We should get into the falling mode once again either by this afternoon or tomorrow. Today is clearing day so we may have volatility associated with rise and subsequent fall.
CLEARING DAY OR SETTLEMENT DAY
Settlement days often involve a significant volume of transactions as multiple trades from previous days reach their settlement dates simultaneously. This INCREASE of trading activity can lead to TEMPORARY IMBALANCES in supply and demand, causing volatility . Further lack of liquidity or a substantial difference between buy and sell orders, prices may experience larger fluctuations.
PULLBACKS
Pullbacks or retracements occur during the corrective waves (A and C) within the Elliot Wave pattern. They represent temporary counter-trend movements before the prevailing trend resumes. The retracement is always a portion of the previous impulsive wave and is in a way contratrend. So wave 1, wave 3 and wave 5 are impulsive waves and will have contratrend movements as A and C waves.