Price moved into the target zone, which was 1,197 to 1,192, and then turned upwards to print a green daily candlestick.
An upwards day with some increase in volume has broken above resistance.
The main Elliott wave count was invalidated and the alternate Elliott wave count was confirmed.
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 short, quick downwards wave was expected for Thursday’s session. A red daily candlestick fits this expectation.
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.
Downwards movement unfolded exactly as expected.
Upwards movement confirmed the main Elliott wave count and invalidated the alternate.
I have three daily and hourly Elliott wave counts today.
Sideways / downwards movement continued as expected towards the target.
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.