Last analysis expected upwards movement for Thursday’s session which is what has happened. Price is moving towards the target on the hourly chart.
The wave count remains the same.
Click on the charts below to enlarge.
This wave count will be confirmed with movement above 1,434.27.
The structure for primary wave B is the same and this wave count is the same at the monthly chart level up to the start of wave (Z) black, the third zigzag in the triple.
Wave (Z) black may be incomplete and may be unfolding as a more exaggerated zigzag.
Wave A blue must be truncated to subdivide into a five wave structure.
At 1,470 wave C blue would reach 0.618 the length of wave A blue. About this point primary wave B would also be only 139% of primary wave A. Movement to slightly above 1,470 would avoid a truncation and keep the length of primary wave B closer to the common maximum.
There is no upper invalidation point for this wave count, but significant movement above 1,470 has a low probability.
Wave A blue lasted 87 days (2 short of a Fibonacci 89). Wave B blue lasted 28 days. I would expect wave C blue to be about 34 days in duration. So far it has only lasted 16 days and it should continue for another month or so.
So far upwards movement is overlapping and has not made a new high beyond the end of wave i pink. When the middle of wave iii pink unfolds it can only unfold as an impulse and it should show an increase in momentum beyond that shown by wave i pink.
Price continues to be contained within the best fit parallel channel drawn here. Wave 3 purple and the end of wave iii orange should end closer to the upper edge of the channel.
At 1,460 wave (iii) green would reach 1.618 the length of wave (i) green.
We still need to see the strongest piece of upwards movement unfold as a clear impulse.
Within wave iii orange no second wave correction may move beyond the start of the first wave. This wave count is invalidated with movement below 1,416.74.