Downwards movement continued as expected, although the short term target was again inadequate.
Last analysis expected that a primary degree bearish wave had arrived. Today’s downwards movement overall fits that expectation, although targets were inadequate.
A new swing low at the daily chart level indicates the Elliott wave counts should now be swapped over.
A signal from On Balance Volume and another signal from the AD line this week all support the alternate Elliott wave count. Price is the ultimate determinator though, so a specific price point is given for members that may indicate which wave count is correct.
Downwards movement remains above the invalidation point for the main Elliott wave count and above the last swing low on the daily chart. Two Elliott wave counts remain valid.
Upwards movement continues as the main Elliott wave count expects.
The alternate Elliott wave count remains valid, but it has less support from classic technical analysis, so it is judged to have a lower probability.
Upwards movement is exactly what was expected for the main Elliott wave count.
A very small upwards day fits short term expectations exactly.
The main Elliott wave count remains the same and has support from the short term volume profile.
Another upwards day fits expectations for the short term picture.
At the end of this week, strong signals from the AD line reinforce the long term Elliott wave count.