Price was expected to fall for Friday, but it moved slightly higher.
A consolidation was expected to continue. So far this week that is exactly what is happening as price remains range bound.
Price has moved slightly below the target on the alternate hourly wave count, which was at 1,244. The next 24 hours should provide clarity.
An inside day fits both Elliott wave counts. Classic technical analysis will be used to determine which one may be more likely.
The breakout from a consolidation zone has still not happened. The longer price coils between support and resistance, the more violent the breakout will be.
Sideways movement was again expected for Monday’s session. Price moved slowly higher in a small range, mostly fitting expectations.
Downwards movement was expected for Tuesday but did not happen.
Price has moved higher but remains below the invalidation point on the hourly Elliott wave count.
A small downwards day remains above the invalidation point on the main hourly Elliott wave count.
So far price continues to find support at the lower edge of the channel.
A small inside day sees upwards movement. Price remains below the invalidation point.
Yesterday’s analysis was summarised with a warning that the consolidation pattern did not look complete.
Another inside day has essentially moved price sideways within a small range continuing the consolidation.
A little upwards movement to 1,281 – 1,283 was expected before price turned downwards.
Price did move downwards, but no new high was made first.
Downwards movement to about 1,320.71 was expected for Wednesday’s session.
Price moved lower to reach 1,318.02 for the session.
Upwards movement was expected for Monday’s session, which is what has happened.