Downwards movement continued, which was expected for the alternate hourly Elliott wave count but not the main.
Overall sideways movement fits the main Elliott wave count nicely.
Last week’s analysis expected more downwards movement towards a target at 16.297.
Price has reached 16.181.
Price continued lower, which is what the wave count expected while price remained within the channel.
Downwards movement was expected as most likely for yesterday’s main Elliott wave count.
Upwards movement was expected but price has moved sideways in a small range. The target remains the same.
Sideways movement in a small range has not clarified the situation, but On Balance Volume today indicates which Elliott wave count is more likely.
The main Elliott wave count expected upwards movement for Friday’s session.
Price moved sideways in a small range.
More downwards movement was expected to a target at 1,250 for the main Elliott wave count.
Price reached 5.65 below the target to reach 1,244.35 during the session.
Last week’s analysis expected upwards movement, which is not what happened.
The main Elliott wave count was invalidated at the hourly chart level with a new low below 1,269.63. At that stage, both alternates expected more downwards movement.
The main Elliott wave count yesterday expected more upwards movement, which is what has happened.
Price remains within the channel. Downwards movement was expected but was unconfirmed.