Price remains above the invalidation point, finding support at the trend line on the main daily Elliott wave count.
A downwards day, which does not make a new low, still fits overall with the bigger picture. At the end of the week, the main Elliott wave count is unchanged at the daily chart level.
Downwards movement was expected as likely, and this is what has happened. The target remains the same.
More downwards movement was expected for Friday. The session did begin with a new low, but thereafter a strong bounce completed a green daily candlestick. Members were warned not to expect price to move downwards in a straight line. The bounce remains well below the Elliott wave invalidation point on the hourly chart.
Price is range bound, moving sideways. The Elliott wave counts expect a B wave may be about halfway through.
An alternate idea of a new downwards trend is also considered at the daily chart level today.
Price moved lower as expected, turning just 3.08 above the second target.
A new low below 1,307.09 has invalidated the alternate Elliott wave count.
Last analysis expected support to hold, and it has.
Price continues to move lower towards the target as expected from the main Elliott wave count.
Downwards and sideways movement to end the week fits the main wave count. But while price action so far looks right, this main wave count does not have support from classic analysis at the end of this week. Two alternates are considered.
Last analysis called for a low to be in place and for members with short positions to take profits (if opened below a certain point). With upwards movement now unfolding, that advice would have seen Elliott Wave Gold members take some very good profits today.
The short term target for a little more downwards movement was 1,271. Downwards movement has continued and so far has reached 1,269.80, just 1.20 below the target.
Last analysis expected upwards movement to continue towards a target at 1,320. Price did make a new high but was well short of the target.