A strong upwards movement was expected on Friday. This is what happened, but then price reversed and retraced almost all of the upwards movement.
An upwards breakout was again expected, but price remains range bound.
Upwards movement was expected. Price moved lower, but has rebounded strongly after the session closed. Downwards movement remained above the invalidation point on the hourly chart.
The main Elliott wave count expected upwards movement for Tuesday’s session, which is what has happened.
Upwards movement was expected for the main Elliott wave count.
A new alternate is provided today at the hourly chart level in response to volume analysis for Monday’s session.
Downwards movement was expected to continue. Overall, Friday’s session did move price lower with a lower low and a lower high, but the session closed green with a strong upwards push. This was not expected.
Members are offered some trading strategies for how to approach this market early next week.
Downwards movement continued for Thursday as expected. Price is now below the lower edge of the base channel on the hourly chart.
Another downwards day for Wednesday overall was expected. The main Elliott wave count remains the same and is still preferred over the alternate.
Downwards movement unfolded for Tuesday’s session as expected. On Balance Volume and the 200 day moving average were enough to turn price down. A new low below 1,252.75 added a little confidence to the expectation.
Downwards movement was expected to start the new trading week, but this is not what happened.
Downwards movement for a pullback was expected for Friday’s session. A lower low and a lower high is the definition of downwards movement, and this is what was seen for Friday.
A slight new high was not expected but was allowed for. Thereafter, price has turned downwards to breach the channel on the hourly chart.
The target was at 1,253. So far price has reached 1,251.21, just 1.79 short of the target.