For the short term, today’s candlestick and Stochastics indicate what may happen next and the Elliott wave count provides Fibonacci ratios for targets.
Upwards movement has continued as the main Elliott wave count expected.
Upwards movement was expected after last analysis. An inside day completed. The low so far remains in place.
Upwards movement has breached the invalidation point on the hourly chart. The short term structure of the last four sessions is reanalysed.
Upwards movement continues as this analysis expects. A new alternate hourly Elliott wave count is considered today.
Upwards movement was expected. Price has moved mostly sideways, with a very slight new high.
Downwards movement for Friday’s session remains well above the Elliott wave invalidation point and well above the prior day’s low.
Sideways movement was expected. An inside day for Thursday fits with this expectation.
Price has behaved exactly as yesterday’s first hourly chart expected. A consolidation looks to have arrived.
Another slightly higher high and higher low sees price move upwards in slow, choppy overlapping movement.
Although price is overall moving higher as has been expected, the choppy overlapping movement is now indicating that this B wave may be a triangle. That possibility is charted and published today for Elliott Wave Gold members.
Before upwards movement this week, another test of lows was expected to be most likely about 1,266. This is exactly how the week has started, with a slight new low to 1,266.25 before price turned sharply upwards.
In last analysis, after the close of the New York session for the 18th of October, Elliott Wave Gold members were advised to enter long with stops just below 1,260.72. Those long positions should now be profitable.
Advice is given today on how to manage positions with targets and any adjustment of stops.
The trend was assumed to remain downwards while price remains within the channel. A new low today continues that trend.
Downwards movement continues as both Elliott wave counts expected. The target has not yet been met for the first wave count.