A short term bounce was expected to continue for Friday. Price made a higher high and a higher low fitting the definition of upwards movement. The Elliott wave counts for this week nicely predicted price action.
A small correction finds support exactly where expected, at the upper edge of the base channel.
Downwards movement continued as expected for Tuesday. The target at 1,275 was passed and price remains above the invalidation point on the hourly chart and still within the channel.
Yesterday’s hourly chart expected a bounce to about 1,218. The high for the session was 1,217.79.
Price moved slightly lower, which was not what the main wave count expected, but it was allowed for. No confirmation of a trend change has yet been seen.
Downwards movement for a pullback was expected for Friday’s session. A lower low and a lower high is the definition of downwards movement, and this is what was seen for Friday.
Price continues to move lower towards the target as expected.
An inside day for Friday’s session leaves both Elliott wave counts valid. Classic technical analysis may assist to determine whether the main or alternate Elliott wave count is correct.
Downwards movement ended 1.58 below the first target. A breach of the small channel on the hourly Elliott wave chart indicated a trend change, which was expected.
Slightly higher movement from Gold for Friday’s session fits the main Elliott wave count.
Price continues to bounce up off support at the lower trend line.
Downwards movement was expected, which is what happened. Friday’s session made a lower high and a lower low, the definition of downwards movement, although the candlestick closed green.
Resistance will be used to see where price may turn. Fibonacci numbers are used for duration and parallel channels are used for confidence in a turn.
An upwards day was expected for Friday’s session, which is what happened.