A little more downwards movement towards the Elliott wave target at 1,238 was expected. Price did make a slight new low, but fell short of the target by $3.40. Thereafter, a breach of the channel on the hourly chart indicated a low was likely in place for the short term.
Yesterday’s signal from On Balance Volume that caused concern for the main Elliott wave count is now negated. The main Elliott wave count has support from classic technical analysis.
Downwards movement was expected to continue with strong momentum. This is exactly what has happened.
A downwards swing was expected to continue. Members were warned that within this consolidation price should not be expected to move in a straight line. The whipsaw today is a good illustration of risk within consolidations.
Upwards movement was expected to continue, but members were warned that when price is within a consolidation it does not move in a straight line. Strong downwards movement today remains above support.
Price reacted downwards off the trend channel on the hourly charts and has bounced up from support at the lower edge.
Again, price has moved lower as the main wave count expected it to. A breach of the channel adds a little confidence, but the confidence price point has not yet been passed. Alternates should still be considered.
Price has moved lower as the main wave count has expected, but it has still not broken out of the channel nor passed the confidence point. Alternates are still considered.