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.
Closure of the last gap is an important signal. This analysis now slightly shifts away from yesterday’s neutral stance.
Sideways movement continues to complete a small pennant pattern. The Elliott wave count remains the same.
More sideways movement was expected for the very short term. This pattern may now be identified on the daily chart. The measured rule is used to calculate a target.
Price has moved higher towards the Elliott wave target, which remains the same.