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.
Some weakness is seen in this upwards movement and price remains within a narrow channel on the hourly Elliott wave chart.
Another very small range day completes a small doji candlestick. This fits neatly with the expectations short term for the Elliott wave count.
A small upwards day fits all four Elliott wave counts. Price behaviour is now pointing to which wave count looks most likely.
Downwards movement was expected to continue for the main Elliott wave count after last analysis.
The target remains the same and the alternate now has a new target.
Again, upwards movement was expected to complete a small consolidation before price fell further.
The consolidation was already complete and price has made a new low.
The main hourly Elliott wave count expected a fourth wave correction to end within a range of 1,291.63 to 1,285.41.
Downwards movement for the session ended at 1,286.17. Thereafter, price has turned upwards as expected.