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.
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.
An upwards day was expected, but this is not what happened.
Two hourly Elliott wave counts are used today.
Overall, more upwards movement was expected; a slight new high fits the main Elliott wave count.
Downwards movement during Monday’s session remained above the short term invalidation point on the hourly chart.
Upwards movement continues as expected towards the target. A short term target is now provided.
Upwards movement overall continues towards the target. Today the invalidation point on the hourly Elliott wave chart was invalidated by 1.05 before price turned upwards again.
A new high above 1,222.72 invalidated the main hourly Elliott wave count and added confidence to the alternate hourly Elliott wave count. The alternate has some support from volume analysis, and its target remains the same today.
Yesterday’s hourly chart expected a bounce to about 1,218. The high for the session was 1,217.79.
A small bounce to about 1,228 to 1,230 was expected before downwards movement resumed, but this is not what happened. The high was already in place.