Upwards movement was expected for Wednesday’s session, which is exactly what happened.
A little more upwards movement was expected to end about 1,248.
Price reached up to only 1,241.55 before turning down.
The alternate Elliott wave count was invalidated.
There is only one Elliott wave count. The situation is clearer.
If price kept rising, two targets were given for Friday: 1,280 and 1,350.
The first target was almost met. The high for Friday was 1,279.45.
Movement below 1,170.83 was not expected and the Elliott wave count was invalidated. The bigger picture and the mid term outlook remain the same.
Downwards movement is finding support perfectly at the aqua blue trend line on the daily chart. The Elliott wave count remains valid and the same.
I had expected a little downwards movement, likely to 1,141.95. We did see a little downwards movement but it failed to reach 1,141.95 before turning up. This narrows down the structural options for minor wave 2.
Upwards movement was expected for Monday’s session. A red candlestick was not expected, but price has mostly moved sideways and remains above the invalidation point on the main Elliott wave hourly chart.
Downwards movement continued, but fell short of the target at 1,217 by $5.58.
Movement below 1,231.78 has clarified the situation.
A new low below 1,213.84 invalidated the main hourly wave count. The alternate hourly wave count allowed for downwards movement and had a target range of 1,211 – 1,206. No trend change has yet been confirmed.
Some downwards movement was expected in the short term to about 1,286.81. So far price has reached down to 1,286.20.
I have a new alternate Elliott wave count for you today.
Downwards movement was expected for the main Elliott wave count, which was judged to have a 90% probability. The first target was at 1,305 and has now been slightly exceeded.
I still have an alternate wave count for you.