Both Elliott wave counts and regular technical analysis expected this week to begin with downwards movement, which is exactly what happened.
A little upwards movement was expected to begin the session to a target at either 2,115 or 2,117 – 2,121. This is how the session began, with price falling 0.76 short of the first target.
Thereafter, price turned down to complete a red candlestick, which is what was expected.
A sideways day which did not manage to make a new high fits both Elliott wave counts.
Yesterday’s Elliott wave analysis allowed for the possibility for upwards movement to continue.
Some upwards movement was expected to unfold this week, which began on Tuesday.
More downwards movement was expected for Monday.
Yesterday the regular technical analysis supported the first Elliott wave count which expected more downwards movement.
Price continued to move lower.
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As expected from yesterday’s two Elliott wave counts and regular technical analysis, price continued to move lower.