Another small range week, this time an inside week, does not change the Elliott wave analysis.
Upwards movement was expected to continue, but members were warned that when price is within a consolidation it does not move in a straight line. Strong downwards movement today remains above support.
Upwards movement was expected to end last week, but price continues to move higher. Volume does not support the rise in price though, and there is resistance overhead.
Price reacted downwards off the trend channel on the hourly charts and has bounced up from support at the lower edge.
Sideways movement, which has not made a new high, this week fits the main Elliott wave count better than the new alternate.
Upwards movement has continued towards the target, which was at 67.86, and which has not yet been met.
A new alternate wave count is considered this week.
Again, price has moved lower as the main wave count expected it to. A breach of the channel adds a little confidence, but the confidence price point has not yet been passed. Alternates should still be considered.
Price has moved lower as the main wave count has expected, but it has still not broken out of the channel nor passed the confidence point. Alternates are still considered.
Price has continued higher towards the new target, which has not been met yet.
Price continued higher towards the target, which was at 61.42, but this has been exceeded now by 2.11.
Price continues higher towards the target for this upwards movement to end.
Two hourly charts are provided today. They both expect the same direction next, only the Elliott wave structures are different, and both have the same target.
A bounce is unfolding exactly as expected. The target remains the same and may be met in another day or so.
Last analysis called for a low to be in place and for members with short positions to take profits (if opened below a certain point). With upwards movement now unfolding, that advice would have seen Elliott Wave Gold members take some very good profits today.