Last analysis expected downwards movement for Friday’s session, but this is not what happened. Instead, price moved higher with decreasing momentum.

The wave count is mostly the same, with still just one daily and one hourly wave count.

Click on the charts below to enlarge.

The structure is within the second zigzag of a double labeled primary wave Y. Within this second zigzag intermediate wave (C) is most likely incomplete.

Within intermediate wave (C) minor waves 1 through to 4 are most likely complete. We may use Elliott’s channeling technique to draw a channel about the impulse of intermediate wave (C). Draw the first trend line from the lows of minor waves 2 to 4, then place a parallel copy upon the high of minor wave 3. At this stage it looks like minor wave 5 may end about the upper edge of this channel.

At 1,573 cycle wave b would reach 105% the length of cycle wave a. This is the minimum requirement for a B wave in relation to an A wave within an expanded flat, and as expanded flats are the most common type of flat this price point has a good probability of being reached.

At 1,575 minor wave 5 would reach 0.618 the length of minor wave 3.

If price continues to move higher through the first target then we should expect the next likely target to be at 1,590 where intermediate wave (C) would reach 0.618 the length of intermediate wave (A), and at 1,591 minor wave 5 would reach 1.618 the length of minor wave 1.

Within intermediate wave (C) minor wave 4 may not move into minor wave 1 price territory. This wave count is invalidated with movement below 1,409.16.

Within intermediate wave (C) minor wave 1 has no Fibonacci duration lasting 4 days, minor wave 2 lasted a Fibonacci 3 days, minor wave 3 lasted a Fibonacci 55 days, and minor wave 4 lasted a Fibonacci 5 days. So far minor wave 5 has lasted 8 days and is incomplete. A possible end may be at a Fibonacci 13 days which will be in another 5 days. If it does not end there then a further 8 days would take it to a Fibonacci 21. At each Fibonacci time duration I will look at the structure to see if it could be complete and if so we shall have an alternate wave count for that possibility.

Upwards movement, which was not expected for Friday, is extremely unlikely to be a continuation of a fourth wave correction. Minor wave 3 is likely to be incomplete with the fifth wave within it as an incomplete ending diagonal. This has a very good fit on the five minute chart.

At 1,556 minuette wave (v) would reach equality in length with minuette wave (i) and 0.618 the length of minuette wave (iii). Also at 1,556 subminuette wave v would reach equality in length with subminuette wave iii. Because this diagonal is expanding I would expect subminuette wave v to be at least as long as subminuette wave iii, and maybe longer.

Upwards movement may find resistance at the upper diagonal trend line drawn from the highs of subminuette waves i to iii.

When the diagonal is complete we may expect minute wave iii to be over and minute wave iv may then begin. It should last about three to five days and should be a shallow sideways moving correction.

Minute wave iv may not move into minute wave i price territory. This wave count is invalidated with movement below 1,525.34.