Upwards movement was expected as most likely for Wednesday. The target on the main Elliott wave count remains the same.
A little more upwards movement was expected from the short-term hourly Elliott wave count.
For the short term, both hourly Elliott wave counts expected the week to begin with a little upwards movement, which is what has happened.
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.