More downwards movement was expected for Friday. The session did begin with a new low, but thereafter a strong bounce completed a green daily candlestick. Members were warned not to expect price to move downwards in a straight line. The bounce remains well below the Elliott wave invalidation point on the hourly chart.
Downwards movement continues as expected, which is choppy and overlapping, which was also expected.
A downwards swing was expected to continue. Members were warned that within this consolidation price should not be expected to move in a straight line. The whipsaw today is a good illustration of risk within consolidations.
A bounce was expected to begin the new week, and this is exactly what has happened.
An upwards swing was expected to continue. Price has made a new high and downwards movement within the session remains above the invalidation point.
A pullback was expected to end about 1,318 and an upwards swing to resume there, but the pullback was already over and upwards movement continued.
A downwards reaction was expected after a strong upwards thrust. Fibonacci ratios are used as targets for this pullback to end.
Price is range bound, moving sideways. The Elliott wave counts expect a B wave may be about halfway through.
An alternate idea of a new downwards trend is also considered at the daily chart level today.
Another test of support about 1,310 to 1,305 was expected. This is 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.
Upwards movement continues as this analysis expects. A new alternate hourly Elliott wave count is considered today.
A downwards day was expected for Thursday, and this is exactly what happened.
The target is now calculated at two degrees to a small $1 zone.
Upwards movement was expected. A higher high and a higher low for Monday’s session saw price move overall higher.