The short term Elliott wave count is changed but the target remains the same. A new alternate Elliott wave count with a new short term target fits continuing bearishness with indicators, notably market breadth, VIX and RSI.
Upwards movement was expected for Tuesday’s session.
A higher high and a higher low fits the definition of upwards movement, but the candlestick has closed red.
A red daily candlestick was expected for Wednesday’s session. Price has made a lower low and a lower high, the definition of downwards movement, but the candlestick has closed green after a rally at the end of the session.
Last analysis concluded the situation was unclear for the short term. A smaller range inside day mostly fits expectations. Upwards movement during Friday’s session remains well below the invalidation point on the hourly chart.
Price moved lower for the session, which was what was expected for the short term from the hourly Elliott wave count.
A slight new low changes the structure on the main hourly Elliott wave count. The new labelling has a better fit.
Upwards movement was expected but did not happen.
Price remains just above the invalidation point on the hourly wave count.
Downwards movement was expected as most likely for the session, but it was allowed that price could continue higher.
Price remains below the invalidation point.
Downwards movement unfolded as expected for Friday’s session.
A small inside day does not clarify the situation.