In the short term, downwards movement was expected to a target at 1,156 – 1,154. Price moved lower to 1,152 before turning up to complete a green daily candlestick.
Downwards movement unfolded and remains above the invalidation point.
A slight new high was expected before a sideways consolidation began.
No slight new high was seen. Price has moved lower.
So far price remains above the invalidation point and tightly contained within a channel.
Downwards movement was unexpected for the main Elliott wave count and shifted probability to the alternate.
Upwards movement was expected for Thursday’s session.
Price moved a little lower.
Upwards movement was expected from yesterday’s Elliott wave count.
Upwards movement was expected for Monday’s session, which is what happened although price moved higher in a very small range.
A correction was expected to end about 1,325.
Price did move lower but only to 1,330 before turning upwards.
Yesterday’s analysis expected some sideways movement for a fourth wave.
Overall, price moved lower to complete an inside day which looks like a long legged doji on StockCharts data.
Upwards movement continued as per the alternate hourly Elliott wave count.
The channel on the hourly chart remains intact.
Overall sideways movement fits the main Elliott wave count nicely.
Price moved lower as yesterday’s Elliott wave count expected.
A break slightly above 1,266.27 to 1,266.75 meant price was expected to continue higher, but this was not what happened.
The alternate hourly Elliott wave count was confirmed with a new low below 1,255.66. At that stage, the target was 1,243.50.