Upwards movement was unexpected for Friday.
Price moved higher for Friday’s session, which was not expected but was allowed for. Price remains below the invalidation point on the main hourly Elliott wave count.
This week volume and ATR are giving some clues as to what the upwards movement for the last three days most likely means.
Upwards movement invalidated the main hourly Elliott wave count and confirmed the alternate. The target is now adjusted.
More sideways movement has unfolded exactly as expected.
The breakout is still expected in another one or four days.
Last analysis expected a correction to continue. Upwards movement remains below the high and is choppy and overlapping, although it was substantial.
Downwards movement was expected for Friday’s session.
Price moved overall lower in a small inside day.
A correction was expected to continue.
Another small inside day fits this expectation.
An inside day with light volume fits the Elliott wave count.
Yesterday’s analysis expected downwards movement to be over at yesterday’s low or shortly thereafter.
Price has continued substantially lower.
Downwards movement was expected, but price has moved mostly sideways to complete a small green candlestick.
Yesterday two scenarios were presented on the hourly charts for the short term. The second less likely scenario has played out.
Both Elliott wave counts expect the same direction next.
A small correction is unfolding sideways.
The correction was expected to end Monday about 1,148 – 1,150, but it is not unfolding exactly as expected.
Last analysis expected upwards movement to continue, which it has, but the target at 1,141 was inadequate.