Downwards movement was expected for Thursday. Price did move lower to complete a red daily candlestick, but it was an inside day with a bullish long lower wick.
Downwards movement unfolded for Tuesday’s session as expected. On Balance Volume and the 200 day moving average were enough to turn price down. A new low below 1,252.75 added a little confidence to the expectation.
A slight new high was not expected but was allowed for. Thereafter, price has turned downwards to breach the channel on the hourly chart.
The target was at 1,253. So far price has reached 1,251.21, just 1.79 short of the target.
A little upwards movement fits the Elliott wave count.
The first in a series of second wave corrections may now be complete today.
A new low below 1,202.92 invalidated the alternate hourly Elliott wave count and added confidence to the main hourly Elliott wave count.
In the short term, downwards movement was expected to a target at 1,156 – 1,154. Price moved lower to 1,152 before turning up to complete a green daily candlestick.
Downwards movement unfolded and remains above the invalidation point.
A slight new high was expected before a sideways consolidation began.
No slight new high was seen. Price has moved lower.
So far price remains above the invalidation point and tightly contained within a channel.
Downwards movement was unexpected for the main Elliott wave count and shifted probability to the alternate.
Upwards movement was expected for Thursday’s session.
Price moved a little lower.
Upwards movement was expected from yesterday’s Elliott wave count.