Downwards movement was expected for Thursday’s session. An inside day sees price remain above identified support and below the Elliott wave invalidation point.
The bounce was expected to continue for Tuesday’s session, which is what has happened.
Price continues to move lower as all three Elliott wave counts expect. Targets remain the same.
This analysis overall expects a downwards trend, which is how the new trading week has begun.
For the short term, a little more upwards movement was expected to unfold as a zigzag. Price remains within the channel on the daily chart.
A bounce on Friday remains below the short-term invalidation point for the hourly Elliott wave count. The mid and long-term targets remain the same.
Downwards movement continues as all three Elliott wave counts expected.
The preferred Elliott wave count expected price to continue lower, which is exactly what has happened. A channel was used on the hourly chart to indicate where bounces may find resistance, and this has almost perfectly shown where the high for the session ended before price turned to move strongly lower.
Downwards movement this week fits both short-term outlooks. Classic analysis is used to determine the probability of each with clear price points for a breakout.
Price remains within the channel. At this stage, the analysis has now switched to neutral, awaiting technical indication of a trend change or a continuation of the existing trend.
The Elliott wave count remains the same. It expected more sideways movement.