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.
Downwards movement was expected to continue. Overall, Friday’s session did move price lower with a lower low and a lower high, but the session closed green with a strong upwards push. This was not expected.
Members are offered some trading strategies for how to approach this market early next week.
Downwards movement continued for Thursday as expected. Price is now below the lower edge of the base channel on the hourly chart.
Downwards movement continued as expected for the main Elliott wave count.