In yesterday’s analysis members were warned to look for a small bounce to about 1,472 for the short term. A small range upwards day with a high at 1,466.29 fits this expectation.
Price keeps falling towards the Elliott wave target and the target calculated from the classic triangle pattern.
Price continues lower as the main Elliott wave count expected.
More downwards movement was expected for Friday, which is what has happened.
The weekly candlestick strongly suggests the main Elliott wave count is more likely.
Today’s Stockcharts data shows a downwards breakout from the triangle. The targets remain the same.
Price remains range bound and a triangle remains valid. The short-term volume profile still suggests the same direction for a breakout.
Today price has broken below the lower triangle trend line and below a confidence point. The alternate Elliott wave count should be taken seriously.
Price remains within the trend lines of a triangle. All three Elliott wave counts remain valid.