Both Elliott wave counts remain valid as price unfolded within a range on Friday`s session, and price has still not confirmed either Elliott wave count.
Price has still not confirmed either Elliott wave count, and they both remain valid.
Downwards movement was expected for both Elliott wave counts.
Downwards movement was expected for the main Elliott wave count and upwards movement was expected for the alternate.
Downwards movement was expected for Monday. The session did begin with downwards movement, but that was retraced to complete a green candlestick.
Upwards movement was expected for Friday’s session. The Elliott wave counts remain mostly the same.
Upwards movement was expected for Thursday’s session. The Elliott wave counts remain the same.
A new low was expected to begin the session. The upwards trend should have resumed.
Generally speaking the S&P 500 unfolded towards the upside as expected. However, the latest upwards movement did not unfold in a five wave structure, and is clearly corrective and that suggests that the structure we have been following is still incomplete.
The S&P 500 continued its range bound movement. Two points became even clearer by today`s price action. First, the S&P 500 has been going through a consolidation phase. Second, this consolidation phase has more to offer and still is incomplete.