Some downwards movement for the short term was expected for Tuesday’s session, which is exactly what has happened.
With New York closed for Memorial Day, a quiet session saw price move a little lower but remain above the invalidation point on the hourly chart.
Downwards movement continues now as expected and shows an increase in downwards momentum, which was also expected. The target remains the same and looks reasonable.
A bounce was expected to begin the new week, and this is exactly what has happened.
A breach of the channel on the hourly chart indicated more downwards movement was then expected.
The target has been adjusted, which is now within a strong support zone.
A short term bounce was expected to continue for Friday. Price made a higher high and a higher low fitting the definition of upwards movement. The Elliott wave counts for this week nicely predicted price action.
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.
Upwards movement has continued as the main Elliott wave count expected.
Downwards movement remained just above the invalidation point on the daily chart. The target is adjusted.
Upwards movement was unexpected and invalidated the hourly Elliott wave count.
A little upwards movement was expected but price fell $8 short of the target.
The target at 1,214 was met. However, the Elliott wave structure is incomplete with conditions entering oversold and On Balance Volume again at support.