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.
The breakout from a consolidation zone has still not happened. The longer price coils between support and resistance, the more violent the breakout will be.
Upwards movement was expected. Price moved lower, but has rebounded strongly after the session closed. Downwards movement remained above the invalidation point on the hourly chart.
Another downwards day for Wednesday overall was expected. The main Elliott wave count remains the same and is still preferred over the alternate.
Price continues to move lower towards the target as expected.
A small range inside day fits both Elliott wave counts, but the situation is no clearer.
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 was expected for Tuesday but did not happen.
Price has moved higher but remains below the invalidation point on the hourly Elliott wave count.
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.
A small downwards day remains above the invalidation point on the main hourly Elliott wave count.
So far price continues to find support at the lower edge of the channel.
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.