The preferred bearish Elliott wave count expected a bounce for the short term up to a target at 1,492. So far some upwards movement for the session has reached 1,485.43.
Another downwards day overall fits expectations for both Elliott wave counts which expect the same direction next.
Upwards movement for the week leaves three Elliott wave counts valid.
A strong downwards day has push from volume, but price remains above support. All three Elliott wave counts remain valid.
A small range day remains just below the last high. All Elliott wave counts remain valid.
A strong downwards day indicates the alternate triangle Elliott wave count may be more likely than the main, which differs only for a short-term outlook. The wave counts are switched over today.
Price is now range bound. Two Elliott wave counts are used to map out possible movement and targets after a breakout in either direction.
The very short-term expectation from yesterday’s hourly chart was a small bounce, which is what has happened.
A small amount of upwards movement was expected. Price moved slightly higher.
The short-term target remains the same.
Price is moving sideways. The Elliott wave counts remain unchanged.
A little upwards movement provides a little short-term clarity. The target is now close by.
An upwards breakout from a flag pattern was expected. The first Elliott wave target at 1,300 has been met. But the Elliott wave structure is incomplete, so the second target will now be used.