A fourth wave correction ended right at the lower edge of the Elliott channel and from there price bounced up to make new highs for a fifth wave.
Downwards movement continued as expected for Monday’s session.
The main Elliott wave count remains the same. The alternate is slightly adjusted at the hourly chart level.
Some weakness is seen in this upwards movement and price remains within a narrow channel on the hourly Elliott wave chart.
Downwards movement was expected to continue for the main Elliott wave count after last analysis.
The target remains the same and the alternate now has a new target.
Upwards movement was expected, but this is not what has happened.
Price has moved mostly sideways to complete a small red doji and remains above the invalidation point on the hourly chart.
Yesterday’s main Elliott wave count expected downwards movement, but this has not happened.
Classic technical analysis will be used today to judge the probability of the main vs. alternate Elliott wave counts.
The Elliott wave counts diverged yesterday.
Price remains within the confirmation / invalidation points.
Classic technical analysis, particularly volume analysis, will be used to judge the probability of each wave count today. Price is the ultimate determinator though.
A short term move lower to 1,311 – 1,312 was expected before more upwards movement.
Price has moved higher.
Again, upwards movement unfolded as expected from the Elliott wave count and classic technical analysis.
The small pennant pattern noted in yesterday’s analysis continues to move price sideways in a narrow range. The breakout direction is expected to be the same.
Upwards movement was expected as most likely from the main Elliott wave count. The alternate expected a little downwards movement.
Upwards movement was expected for Tuesday, which is exactly what happened.
Upwards movement was expected from last analysis. Volume continues to favour the main Elliott wave count.