More downwards movement was expected. Price has moved very slightly lower to complete a small range day, which remains well below the short-term invalidation point.
A small range upwards day has failed to close above resistance and exhibits a decline in volume. Three Elliott wave counts now remain valid.
The first target given in yesterday’s analysis on the hourly chart was at 1,532. Price reached 1,533.24 and then turned sharply down.
A very small range inside day leaves the Elliott wave counts unchanged.
More downwards movement fits the short-term expectation for both Elliott wave counts.
A sharp upwards spike completes a strong candlestick pattern today, which suggests the next direction for at least a few days.
More upwards movement was expected. The last daily candlestick makes a higher high and a higher low, which fits this expectation.
A small range upwards day moves price higher, but the candlestick closed red. Overall, this fits the Elliott wave count.
Another downwards day with a lower low and a lower high was expected.
Another small range day and a little more downwards movement overall fits the expectations for the Elliott wave counts.
An outside day remains range bound. A breakout from this consolidation is required to indicate the next trend.
Fibonacci ratios are used with the Elliott wave count to calculate targets for a final high.
Price continues to behave as the preferred Elliott wave count expects, and the short-term target remains the same.
Only three weekly Elliott wave counts remain.