Upwards movement was expected. Price has moved a little higher.
Both Elliott wave counts for the short term expected a bounce to begin the week, which is what has happened.
Upwards movement continued as the Elliott wave count expected. The target remains the same.
Downwards movement invalidated the main Elliott wave count. The invalidation indicated either of the two alternate Elliott wave counts may be correct.
Two Elliott wave counts are used today with clear confidence and invalidation points.
Upwards movement was expected for Wednesday’s session. A higher high and a higher low fits the definition of an upwards day.
A new low indicated further downwards movement. The target at 2,612 was not met.
A small range inside day does not offer clarity as to which Elliott wave count is correct. Candlesticks and the short term volume profile are analysed to determine the most likely direction for tomorrow.
A little more downwards movement to begin the new trading week remains above identified support. The Elliott wave count remains the same.
Price moved lower for Friday exactly as the main short term Elliott wave count expected.
The week closes with a Shooting Star candlestick pattern.
The week has begun with a green daily candlestick, but it has a slightly lower low and a lower high than Friday’s session.
Price remains above the short term invalidation point and within the small channel on the hourly chart.