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.
Downwards movement continues exactly as expected towards the Elliott wave target, and price remains below the short term invalidation point on the hourly chart.
The channel on the hourly chart is redrawn, and it should be used to indicate when this downwards wave is complete.
Last week’s Silver analysis expected upwards movement to continue for the short term. This is exactly what has happened for the week. The targets remain the same.
Last analysis expected price could move a little lower before turning, which is what happened.
Price bounced up perfectly off the lower edge of the channel on the daily charts.
Last analysis expected long positions to be held for those with a longer time frame, and stops to be pulled up to just below 1,260.70. The target remains the same, and long positions should now have much less exposure to risk.