A little more downwards movement towards the Elliott wave target at 1,238 was expected. Price did make a slight new low, but fell short of the target by $3.40. Thereafter, a breach of the channel on the hourly chart indicated a low was likely in place for the short term.
Yesterday’s signal from On Balance Volume that caused concern for the main Elliott wave count is now negated. The main Elliott wave count has support from classic technical analysis.