The main Elliott wave count expected upwards movement to begin the new trading week. The session began with a slight new low, and then price strongly rebounded to print a green candlestick with a very long lower wick.
Another slight new low today remains above the invalidation point. Two short term scenarios are presented today.
Overall, downwards movement was expected for this week. This is now what is happening.
A channel may now be drawn on the hourly chart that may be useful for resistance.
The upwards swing has been proven by price to be over earlier than expected.
Price remains range bound.
Overall, upwards movement was expected and so far continues with a slightly higher low for Monday. Pullbacks remain above the Elliott wave invalidation point.
A little more downwards movement to a target at 1,318 – 1,317 was expected before a reversal. Price moved lower and reversed 2.84 below the small target zone.
Price continued lower towards the target, which was at 1,328 – 1,324. The low for the session was 1.83 below the small target zone.
Last analysis expected a consolidation to continue. A long legged doji closed, which moved price essentially sideways as expected.
Price continues to move sideways in a consolidation, which is what the last analysis expected.
Volume during this consolidation may indicate the direction of the breakout, when it is done.
A breach of the channel on the daily and hourly Elliott wave charts indicates the alternate daily chart is more likely.