Price moved into the target zone, which was 1,197 to 1,192, and then turned upwards to print a green daily candlestick.
Sideways movement was expected. In the short term, some downwards movement within a consolidation was expected for the session, and this is what has happened.
Price has moved higher to complete a green daily candlestick, as expected for the main Elliott wave count, but so far it is concerning that volume has not supported this movement.
A little more downwards movement was expected for Monday to a small target zone at 1,319 – 1,322.
The low for Monday is at 1,320.94, right in the target zone.
Upwards movement confirmed the main Elliott wave count and invalidated the alternate.
I have three daily and hourly Elliott wave counts today.
Downwards movement was expected as most likely for yesterday’s main Elliott wave count.
Gold has broken out of a consolidation upwards exactly as expected.
The first hourly Elliott wave chart was invalidated with a new high above 1,236.56 confirming the second hourly Elliott wave count.
The second wave count expected upwards movement to 1,244. So far price has reached 1,243.19.
Upwards movement has unfolded exactly as expected.
One of the remaining two hourly Elliott wave counts was invalidated.
I will continue to consider all possibilities. I have a new idea today.
Some upwards movement to 1,215 was expected before this strong downwards movement. That did not happen.
I had expected another green candlestick for Wednesday’s session which is not what happened.
The Elliott wave count at the hourly chart level has changed again, but the picture at the daily chart level remains the same.
I have confidence in the overall expected direction.
Upwards movement was expected, along with a strong increase in upwards momentum. This is not what happened. Price is moving sideways to complete a small red candlestick for Monday’s session.