The breakout from a consolidation zone has still not happened. The longer price coils between support and resistance, the more violent the breakout will be.
Sideways movement was again expected for Monday’s session. Price moved slowly higher in a small range, mostly fitting expectations.
Downwards movement was expected for Tuesday but did not happen.
Price has moved higher but remains below the invalidation point on the hourly Elliott wave count.
A small downwards day remains above the invalidation point on the main hourly Elliott wave count.
So far price continues to find support at the lower edge of the channel.
A small inside day sees upwards movement. Price remains below the invalidation point.
Yesterday’s analysis was summarised with a warning that the consolidation pattern did not look complete.
Another inside day has essentially moved price sideways within a small range continuing the consolidation.
A little upwards movement to 1,281 – 1,283 was expected before price turned downwards.
Price did move downwards, but no new high was made first.
Downwards movement to about 1,320.71 was expected for Wednesday’s session.
Price moved lower to reach 1,318.02 for the session.
Upwards movement was expected for Monday’s session, which is what has happened.
Again, upwards movement was expected and overall did not happen.
The new low for Friday remains above the invalidation point on the hourly Elliott wave chart.
Upwards movement was expected, but a warning was given due to some bearishness in volume.
A downwards breakout from a small pennant pattern has unfolded exactly as expected.
The first target for upwards movement at 1,277 was met and exceeded by only 0.77.