Mid-Week Update: So close yet so far.

The red target was almost reached. The expected downward impulse hardly occurred earlier this week so perhaps price action never received the appropriate upward force required. We shall see how events unfold as the week continues.

Comment:

Note: the yellow dotted line was the expected trajectory of the 200 EMA on this and similar time frames. As you can see the curve has hovered above this level constantly and (so to speak) did not allow price to fall quickly.