Overall sideways movement was expected for the week. So far price has moved a little lower, now finding support almost exactly at a long term trend line.
An upwards day has not made a new high and has closed just below the trend line. Classic analysis supports the alternate wave count.
A little downwards movement followed by more upwards movement is exactly what all three hourly Elliott wave counts expected for Monday’s session.
Price moved sideways and then higher, which was what was expected from the Elliott wave count.
End of week analysis expected sideways or higher movement for the new week.
So far this is what is happening with Monday completing an upwards day that has not yet made a new high above last week’s high.
A new high above 1,236.88 indicated more upwards movement towards a target about 1,245. Price continued only slightly higher so far to reach 1,238.88.
Upwards movement continues as expected. Members have been advised to move stops up now to protect some profit. Profit targets are still the same. A new channel on the hourly chart will be used to manage long positions.
The main Elliott wave count expected upwards movement for Tuesday’s session, which is what has happened.
Downwards movement was expected to continue. Overall, Friday’s session did move price lower with a lower low and a lower high, but the session closed green with a strong upwards push. This was not expected.
Members are offered some trading strategies for how to approach this market early next week.
Downwards movement continued for Thursday as expected. Price is now below the lower edge of the base channel on the hourly chart.
Downwards movement continued as expected for the main Elliott wave count.
A lower high and a lower low moved price lower for Monday’s session, which is overall what the main Elliott wave count expected. A public holiday in the USA for Presidents Day saw markets very quiet.
A breach of the trend channel and a new low below 1,195.82 invalidated the main Elliott wave count and confirmed the alternate.