A short term change from down to up for a bounce was expected. This is what looks like to be happening so far.
An upwards day has not made a new high and has closed just below the trend line. Classic analysis supports the alternate wave count.
Upwards movement was expected for Tuesday’s session. Price has moved sideways to complete an inside day. The Elliott wave counts are changed a little.
A little downwards movement followed by more upwards movement is exactly what all three hourly Elliott wave counts expected for Monday’s session.
Upwards movement was favoured as more likely for Thursday’s session. This is what has happened.
A little sideways movement was expected to be followed by more downwards movement. This is mostly what happened, although price did not move any higher first.
Downwards movement continues a little lower, which was not what was expected for Tuesday’s session.
Price moved sideways and then higher, which was what was expected from the Elliott wave count.
End of week analysis expected sideways or higher movement for the new week.
So far this is what is happening with Monday completing an upwards day that has not yet made a new high above last week’s high.
Upwards movement has continued as expected. With some structure now to analyse, targets can be calculated.
Downwards movement was expected for Monday to end about 1,257. Price moved lower as expected reaching 3.52 below the target so far.
Upwards movement continues as expected. Members have been advised to move stops up now to protect some profit. Profit targets are still the same. A new channel on the hourly chart will be used to manage long positions.
The main Elliott wave count expected upwards movement for Tuesday’s session, which is what has happened.