Downwards movement unfolded for Tuesday’s session as expected. On Balance Volume and the 200 day moving average were enough to turn price down. A new low below 1,252.75 added a little confidence to the expectation.
A slight new high was not expected but was allowed for. Thereafter, price has turned downwards to breach the channel on the hourly chart.
The target was at 1,253. So far price has reached 1,251.21, just 1.79 short of the target.
A little upwards movement fits the Elliott wave count.
The first in a series of second wave corrections may now be complete today.
A new low below 1,202.92 invalidated the alternate hourly Elliott wave count and added confidence to the main hourly Elliott wave count.