Price moved lower to break below the very close by invalidation point on the hourly chart.
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.
Price has moved sideways to complete an inside day and close as a doji.
Price is still range bound, testing support at today’s low. The breakout will come, and the longer price coils within this range the more violent the breakout may be.
Upwards movement has invalidated the main hourly Elliott wave count and confirmed an alternate.
In the very short term, sideways movement was expected for one or two sessions before the upwards trend resumed, but this did not happen.
Price has moved higher.
Upwards movement broke above 2,050.37 indicating price should continue higher to 2,067.
Upwards movement reached 2,073.13 for the session.
Downwards movement did materialise as expected but not by much. Confirmation points have not been breached and price remains within the channel on the hourly chart.
Downwards movement was expected from both hourly Elliott wave counts.
Again, upwards movement was expected. The target remains the same.