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.
The target, which has not been met, remains the same.
A little sideways movement followed by another wave down was expected in last analysis. This is what has happened.
Another strong downwards day was not expected to break below a support line that extends back to December 2016. Price action today suggests the weekly alternate count, or a variation thereof, now is more likely.