A slight new low in the last few hours changes the Elliott wave count for the short term, but not the mid or long term. This is still expected to be a B wave, which exhibits the greatest variety in structure and price behaviour.
Last analysis expected long positions to be held for those with a longer time frame, and stops to be pulled up to just below 1,260.70. The target remains the same, and long positions should now have much less exposure to risk.
In last analysis, after the close of the New York session for the 18th of October, Elliott Wave Gold members were advised to enter long with stops just below 1,260.72. Those long positions should now be profitable.
Advice is given today on how to manage positions with targets and any adjustment of stops.
The trend was assumed to remain downwards while price remains within the channel. A new low today continues that trend.
Downwards movement continues as both Elliott wave counts expected. The target has not yet been met for the first wave count.
A small inside day sees the target for one of the two Elliott wave counts adjusted. This new target is now closer to the target for the other Elliott wave count.
Again, upwards movement continued exactly as expected.
A combination of candlestick analysis, volume analysis, RSI, and ADX will be used to identify when the trend is over or a consolidation within it may begin.
Price has reacted strongly downwards after moving slightly higher to perfectly touch the long term bear market trend line, which was expected. A red daily candlestick was printed as expected.
Price has continued to move higher as was expected for the session by both Elliott wave counts.
A very small range inside day only changes the Elliott wave count at the hourly chart level, slightly. The bigger picture and the target remain the same.
Overall, more upwards movement was expected; a slight new high fits the main Elliott wave count.
Downwards movement during Monday’s session remained above the short term invalidation point on the hourly chart.
Price has moved sideways and remains above the invalidation point on the hourly chart. The correction is taking a little longer than expected.
A small bounce to about 1,228 to 1,230 was expected before downwards movement resumed, but this is not what happened. The high was already in place.