It was expected that while price remained within a channel drawn on the daily chart that price would continue to fall. A new low below 55.24 was a very bearish signal.
The Elliott wave count has been invalidated. Two new Elliott wave counts are considered.
Price has remained within the small channel all week, so no indication that a low could be in place has been given.
More downwards movement was expected as most likely for this week. The target at 63.60 was met and so far has been slightly passed.