A breach of the small channel on the hourly Elliott wave chart in the third hour of today’s session saw an expectation that price may continue lower to either 2,736 or 2,696. A close at 2,700 mostly fits this expectation.
Upwards movement was expected as most likely for Wednesday. The target on the main Elliott wave count remains the same.
Upwards movement completes a candlestick reversal pattern. This and volume indicate the Elliott wave counts should be swapped over today.
Upwards movement overall was expected for the week, which is what has happened.
For the short term, both hourly Elliott wave counts expected the week to begin with a little upwards movement, which is what has happened.
Upwards movement overall was expected to continue. This is what is happening.
Upwards movement indicates an alternate Elliott wave count looks more likely.
Today two Elliott wave counts are again presented as options.
Last analysis expected that a primary degree bearish wave had arrived. Today’s downwards movement overall fits that expectation, although targets were inadequate.
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.