More downwards movement was expected for Friday. The session did begin with a new low, but thereafter a strong bounce completed a green daily candlestick. Members were warned not to expect price to move downwards in a straight line. The bounce remains well below the Elliott wave invalidation point on the hourly chart.
Price is range bound, moving sideways. The Elliott wave counts expect a B wave may be about halfway through.
An alternate idea of a new downwards trend is also considered at the daily chart level today.
Price moved lower as expected, turning just 3.08 above the second target.
A new low below 1,307.09 has invalidated the alternate Elliott wave count.
Last analysis expected support to hold, and it has.
Price continues to move lower towards the target as expected from the main Elliott wave count.
Downwards and sideways movement to end the week fits the main wave count. But while price action so far looks right, this main wave count does not have support from classic analysis at the end of this week. Two alternates are considered.
Upwards movement for Friday’s session has found resistance right at the lower trend line of the symmetrical triangle.
Volume analysis is used to determine the most likely Elliott wave count of four possibilities.
Upwards movement was expected after last analysis, which so far is what is happening.
An upwards day was expected, but this is not what happened.
Two hourly Elliott wave counts are used today.
Upwards movement has continued as the main Elliott wave count expected.
Yesterday’s analysis expected another shallow correction to continue sideways. This is mostly what has happened. Price bounced up almost exactly at the lower edge of the channel on the hourly chart, where support was expected as fairly likely.
Upwards movement continued for Friday as the main wave count expected.
Upwards movement was expected for Monday’s session.
The target on the hourly Elliott wave count is not yet met, so the analysis today will focus on whether or not this bounce is complete.