A correction was expected to continue. A small inside day fits this expectation.
Upwards movement was expected.
Yesterday’s alternate hourly Elliott wave count was confirmed with a slight new low. Thereafter, price is behaving as expected.
Upwards movement was expected, but this is not what happened. Price moved lower.
However, there was no breach of the small channel on the hourly chart, so no confirmation of a trend change.
More upwards movement was expected and price made a new high.
All the Elliott wave counts remain mostly the same and expect exactly the same direction next.
Both Elliott wave counts expected more downwards movement for Friday, which is what happened.
Now is when the bull and bear wave counts diverge, and next week price may provide clarity.
Downwards movement unfolded as expected for both Elliott wave counts.
Confirmation that a small correction was over came with a break below the short trend line on the hourly chart, and final confirmation with a new low below 1,116.02.
Price has moved higher.
Upwards movement was expected. The first target was reached.
Today’s Elliott wave analysis will focus on: identifying if this structure is complete, and looking at what price point would provide first confirmation.
A downwards breakout was expected for Monday, but did not happen.
Upwards movement invalidated the main Elliott wave count and confirmed the alternate Elliott wave count.
Upwards movement was unexpected.
I have two hourly Elliott wave counts for you today.
Price has moved lower exactly as expected.
Both Elliott wave counts expected downwards movement, which is what has happened for Monday’s session.