Downwards movement continued overall as the last analysis expected.
The upwards movement over the last week has remained below the invalidation point on the daily Elliott wave counts.
Last analysis expected upwards movement to continue towards a target at 1,320. Price did make a new high but was well short of the target.
A breach of the channel on the 4th of October on the main daily Elliott wave count indicated a deeper pullback was most likely underway. Thereafter, price has moved lower as the alternate Elliott wave count expected.
A new high above 49.42 has invalidated last week’s Elliott wave analysis.
Two new Elliott wave counts are considered this week.
Again, upwards movement continued exactly as expected.
A combination of candlestick analysis, volume analysis, RSI, and ADX will be used to identify when the trend is over or a consolidation within it may begin.
Upwards movement continues exactly as expected. The target remains the same.
A small correction finds support exactly where expected, at the upper edge of the base channel.
Upwards movement continues as the main Elliott wave count expects.
Price today bounced up perfectly from the upper edge of the base channel. This gives us an important clue as to what should happen next.
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.
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.