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.
Both Elliott wave counts expected more sideways movement, which is what has happened.
The breakout is expected to be in the same direction from the Elliott wave count and from classic technical analysis of the current pattern.
A pullback was expected to end about 1,235. Downwards movement for Friday reached 1,232.98 and then quickly reversed.
Sideways movement in a small range fits the short-term expectation from the Elliott wave count. Volume today supports the preferred Elliott wave count.
With markets in the US closed for Thanksgiving Day, a very quiet 24 hours sees a very small doji candlestick leave the analysis the same.
The main Elliott wave count expected more upwards movement, which is so far what has happened.