Friday completed an inside day which fits the Elliott wave count well.
Thursday’s session was expected as very likely to see price move lower due to strong and unusual divergence between price and VIX for Wednesday’s session, which was interpreted as bearish.
Thursday made a slightly higher high and a higher low, the definition of upwards movement, but the candlestick closed red and the balance of volume for the session was downwards.
The short term target has been met and the mid term target remains the same.
Price continued higher and almost met the target, which was at 2,353, fitting the second hourly Elliott wave chart.
Upwards movement continues as expected.
A very bearish alternate (which was judged to have a very low probability) has been invalidated today. This adds confidence to the main Elliott wave count and the targets.
Again, upwards movement continues as the main Elliott wave count expects.
And the very bearish alternate Elliott wave count remains just viable.
Upwards movement continues as the main Elliott wave count expects.
The very bearish alternate Elliott wave count remains viable.
A new all time high confirms the main Elliott wave count and invalidates one alternate. Some more confidence may now be had in the targets.
Price moved lower today with a lower low and lower high, but the session closed strongly printing a green daily candlestick.
The balance of volume was upwards. On Balance Volume gives a reasonable signal, but there has not yet been a breakout from a consolidation.
Upwards movement was expected for the main Elliott wave count, but the confirmation point still has not been passed.
Upwards movement was expected to begin the week, but this is not what happened.
Price remains above the invalidation point on the main Elliott wave count.