Another upwards day was expected by both Elliott wave counts.
Price has continued to move higher as was expected for the session by both Elliott wave counts.
A little more downwards movement was expected to a target at 1,266. Price did move lower, but did not make a new low and has fallen $2.34 short of the target.
Downwards movement continued as expected for Tuesday. The target at 1,275 was passed and price remains above the invalidation point on the hourly chart and still within the channel.
Downwards movement has unfolded as expected for Monday’s session.
Price was expected to fall for Friday, but it moved slightly higher.
The target at 1,279 was expected to be a little low. A trend line higher up was expected to halt upwards movement. However, this is not what has happened, and the trend line is overshot.
The main Elliott wave count is changed today.
Upwards movement was unexpected and has invalidated the Elliott wave count at the hourly chart level.
A short term target for Tuesday was 1,247. The low for the session fell $5.39 short of the target, after a whipsaw took out the short term invalidation point on the hourly Elliott wave chart.
A very small range inside day only changes the Elliott wave count at the hourly chart level, slightly. The bigger picture and the target remain the same.
A break below the channel and then below 1,260.03 has indicated the second hourly Elliott wave count was correct.
An upwards day was again expected as most likely, but this is not what happened. Price remains above the invalidation point on the main hourly chart, and has quickly returned to within the blue channel.
For those who want to hone their Elliott wave knowledge, have a go at spotting my deliberate mistakes:
This one is easy (at least, I think it is and I’ve really tried to make it easy).
There is one mistake in the triangle (just one!) and one mistake in the impulse.
Can you find them both?
Name the rules which I have deliberately broken here. Answers will be posted in comments tomorrow or the day after.
Note: During the process of preparing this post, I found a solution that fixes my main problem with the current alternate wave count. This solution will be published in tomorrow’s Gold analysis.
Published @ 05:49 a.m. EST.