Downwards movement is unfolding as the Elliott wave count and classic technical analysis expected.
Thursday’s session was expected as very likely to see price move lower due to strong and unusual divergence between price and VIX for Wednesday’s session, which was interpreted as bearish.
Thursday made a slightly higher high and a higher low, the definition of upwards movement, but the candlestick closed red and the balance of volume for the session was downwards.
Upwards movement continues, which fits the larger picture of the main Elliott wave count.
Upwards movement has invalidated the main hourly Elliott wave count and confirmed an alternate.
Upwards movement was expected again for Monday, which is exactly what has happened.
Yesterday’s analysis expected downwards movement, but this is not what happened.
Price stopped barely short of the invalidation point.
A red daily candlestick fits the Elliott wave count nicely. The target may be met tomorrow.
Upwards movement unfolded as expected for Monday’s session.
The main Elliott wave count today will have two hourly charts, a main and an alternate.
Upwards movement was expected for Tuesday.
Price made a higher high and a higher low, and the daily candlestick closed green but only just.
Downwards movement was expected for Monday. The short term target was at 2,128, but it was anticipated this may not be low enough.
Price did move lower and below the target to reach down to 2,124.56 for Monday’s session.