More downwards movement was expected. Price has moved very slightly lower to complete a small range day, which remains well below the short-term invalidation point.
A bounce was expected to end soon, and the downwards trend was expected to thereafter resume. Strong downwards movement today indicates the bounce is over.
A small range upwards day has failed to close above resistance and exhibits a decline in volume. Three Elliott wave counts now remain valid.
Although the new month has begun with a strong upwards day, price remains range bound and below resistance.
The first target given in yesterday’s analysis on the hourly chart was at 1,532. Price reached 1,533.24 and then turned sharply down.
Upwards movement continued as both Elliott wave counts expected. Targets remain the same.
A very small range inside day leaves the Elliott wave counts unchanged.
The first target at 1,452 was almost met this week with a high at 1,450.65.
More downwards movement fits the short-term expectation for both Elliott wave counts.
A little more downwards movement leaves both Elliott wave counts valid.
A sharp upwards spike completes a strong candlestick pattern today, which suggests the next direction for at least a few days.
A small consolidation or pullback was expected to begin within this upwards movement. Today that may have arrived, as the short-term expectation for yesterday’s hourly chart anticipated.