Today price has broken below the lower triangle trend line and below a confidence point. The alternate Elliott wave count should be taken seriously.
A small range inside day sees all three daily Elliott wave counts remain valid.
Sideways movement continues all week. Price remains range bound.
The Elliott wave counts both expect a breakout in the same direction.
For the short term, yesterday’s analysis had three hourly charts which all expected some downwards movement. A red daily candlestick exactly fits this expectation.
Upwards movement continues as the bullish Elliott wave count has expected. The bearish Elliott wave count remains valid, and the target zone has been widened.
The pennant pattern remains valid; the breakout is now expected within the next few hours. The targets calculated from the flag pole of the pennant pattern and from Elliott wave remain the same.
After an upwards breakout on Friday, three Elliott wave counts remain valid.
Price remains range bound within identified support and resistance. A breakout may come now next week.
A bounce was expected to end about 1,289. Upwards movement reached a high at 1,290.90 where price sharply reversed, just 1.90 above the target.
More downwards movement was expected and this is exactly what is happening. The Elliott wave count and targets remain the same. All three Elliott wave counts expect more downwards movement at least for the short term.
Price remains within the channel on the hourly chart and the flag pattern remains valid. Price has breached the short-term invalidation point on the hourly chart but remains below the invalidation point on the daily chart.
Downwards movement has continued exactly as the preferred Elliott wave count expected for the week.