A small inside day sees upwards movement. Price remains below the invalidation point.
Yesterday’s analysis was summarised with a warning that the consolidation pattern did not look complete.
Another inside day has essentially moved price sideways within a small range continuing the consolidation.
A little upwards movement to 1,281 – 1,283 was expected before price turned downwards.
Price did move downwards, but no new high was made first.
Downwards movement to about 1,320.71 was expected for Wednesday’s session.
Price moved lower to reach 1,318.02 for the session.
Upwards movement was expected for Monday’s session, which is what has happened.
Again, upwards movement was expected and overall did not happen.
The new low for Friday remains above the invalidation point on the hourly Elliott wave chart.
Upwards movement was expected, but a warning was given due to some bearishness in volume.
A downwards breakout from a small pennant pattern has unfolded exactly as expected.
The first target for upwards movement at 1,277 was met and exceeded by only 0.77.
A correction is expected to be unfolding. A red doji candlestick fits this idea well.
The main Elliott wave count expected downwards movement to a short term target at 1,195.
Downwards movement has continued to a low for the session at 1,200.07.
The main Elliott wave count was invalidated at the hourly chart level with a new low below 1,269.63. At that stage, both alternates expected more downwards movement.
The main Elliott wave count expected downwards movement, which is what happened.
The short term target on the hourly chart was 1,228 and a bounce was expected from there. The bounce came at 1,229.17.