A new low below 2,462.17 in the first hour of the session added confidence to the Elliott wave count which expected a deeper pullback was in the early stages. The target for it to end and the expectation for how long it may last will remain the same for now.
A small range inside week completes, which is exactly what was expected at the beginning of the week. Price is consolidating.
Price has moved higher as last analysis expected. The Elliott wave target remains the same.
Upwards movement was expected. Price did move higher to begin the session, but fell strongly in the final hours to close red. An outside day was completed.
Another downwards day has unfolded as expected to start the new trading week. The Elliott wave count remains the same and has support from volume and ADX.
A downwards day was expected for Tuesday’s session.
There are only now two hourly Elliott wave counts.