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.
Upwards movement has continued as the main Elliott wave count expected.
Last analysis warned it was possible that lows may again be tested, which is what has happened today. The Elliott wave target at 1,295 was inadequate; the low for the day was at 1,288.56.
Downwards movement today remains within a small zone of recent support and resistance, and both Elliott wave counts remain valid.
Price continues to move higher as the main Elliott wave count expects.
The weakness of upwards movement during the last four days has prompted me to produce an alternate, even though price has been moving in the expected direction.
Upwards movement continues as expected.
Upwards movement was expected after last analysis. An inside day completed. The low so far remains in place.
Downwards movement was expected as likely, and this is what has happened. The target remains the same.
Last analysis expected that a small bounce may have begun. A green daily candlestick today fits this expectation exactly.
Downwards movement was expected to continue with strong momentum. This is exactly what has happened.
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.
Upwards movement has breached the invalidation point on the hourly chart. The short term structure of the last four sessions is reanalysed.
A bounce was expected to turn up within 24 hours, which is what has happened.