Again, downwards movement was expected. For the short term, a bounce was expected to begin about the lower edge of the channel on hourly charts. This is what happened at the end of Friday’s session after downwards movement.
Yesterday’s analysis expected a downwards swing to begin, which is exactly what has happened.
An inside day leaves both bullish and bearish Elliott wave counts the same. A new short-term hourly chart is provided.
Another small range day remains above support. Both Elliott wave counts remain valid.
Price remains below the invalidation point on the preferred hourly Elliott wave chart. At the end of this week, volume suggests the direction for next week.
An inside day with relatively weak volume fits the expectations for some consolidation after a blow off top. The final target zone remains the same.
The very short-term expectation at the hourly chart level was for some sideways movement. A slight lower low and lower high overall fits the expectation.
Downwards movement continues. The Elliott wave target remains the same and is just $3 off a target calculated from the Head and Shoulders pattern.
A small range day leaves the Elliott wave count essentially the same. The target calculated using Elliott wave and Fibonacci ratios, and the target calculated using the last flag pattern, both remain the same.
Upwards movement on Friday indicates the first wave down is complete. Fibonacci ratios are used to calculate targets.
Price remains range bound and strong support continues to hold. Price points for support and resistance are identified. A breakout is required for confidence in the next trend.