Downwards movement for a pullback was expected for Friday’s session. A lower low and a lower high is the definition of downwards movement, and this is what was seen for Friday.
Price continues to move lower towards the target as expected.
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 1,227.82 has invalidated the main wave count and confirmed an alternate.
An inside day for Friday’s session leaves both Elliott wave counts valid. Classic technical analysis may assist to determine whether the main or alternate Elliott wave count is correct.
Downwards movement ended 1.58 below the first target. A breach of the small channel on the hourly Elliott wave chart indicated a trend change, which was expected.
Slightly higher movement from Gold for Friday’s session fits the main Elliott wave count.
Price continues to bounce up off support at the lower trend line.
Downwards movement was expected, which is what happened. Friday’s session made a lower high and a lower low, the definition of downwards movement, although the candlestick closed green.
Resistance will be used to see where price may turn. Fibonacci numbers are used for duration and parallel channels are used for confidence in a turn.
Another small inside day fits both Elliott wave counts, but price behaviour is pointing to one scenario more strongly than the other.
A small upwards day fits all four Elliott wave counts. Price behaviour is now pointing to which wave count looks most likely.
An upwards day was expected for Friday’s session, which is what happened.