The first hour of the session saw a break below the channel on the hourly Elliott wave charts. At that stage, downwards movement was expected, and an increase in downwards momentum was also expected. So far price is fulfilling those expectations.
The target for upwards movement was not met, but price did move higher towards it. The target is recalculated today.
Price moved higher as the main Elliott wave count expected.
A small inside day for Friday changes the very short term picture only slightly.
Sideways movement completes an outside day and fits both Elliott wave counts. This market is again range bound.
A little more upwards movement fits both hourly Elliott wave counts.
A little upwards movement was expected for Monday. Price fell 2.04 points short of the target on the main hourly Elliott wave chart before turning lower to print a red daily candlestick.
A short term pullback was expected to begin on Friday. A downwards day completed with a lower low and a lower high, exactly as expected.
A green daily candlestick was expected for Friday, which is exactly what happened.
A red daily candlestick was expected for Wednesday’s session. Price has made a lower low and a lower high, the definition of downwards movement, but the candlestick has closed green after a rally at the end of the session.