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.
A continuation of downwards movement was expected for the short term. With the 0.382 Fibonacci ratio passed, the 0.618 Fibonacci ratio is a new target.
Another small range day fits short-term expectations. All Elliott wave counts remain valid.