A new low below 51.67 has invalidated the alternate bullish Elliott wave count, adding confidence to the main bearish Elliott wave count. The short-term target remains the same.
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.