Last end of week analysis warned that On Balance Volume supported the alternate Elliott wave count and a target for more upwards movement was given. Price has moved higher as that wave count expected and the On Balance Volume signal is now clear and strong.
Price moved to record new all time high.
Price completed an outside day, mostly sideways movement to close as a small range doji. On Balance Volume gives another important signal today which may tell us what direction price may move tomorrow.
Again, last analysis warned that upwards movement may not be over and outlined what to look for to see if it was. There was room for more upwards movement, which is what has happened. A strong warning may come from On Balance Volume in the next 24 hours.
Last analysis offered a warning in the summary that price may move higher, and may make a new all time high. This is what has happened today.
A quick spike up was expected to begin the week, but it was expected to move just above 2,469.64 before turning. Price has moved comfortably higher, reaching so far to 2,488.95.
The short term outlook from last analysis expected a short spike up to just above 2,467.57 and then a downturn. This is not what happened. Price has moved sideways in a small range suggesting a small Elliott wave triangle.
For the short term, downwards movement was expected for Thursday’s session. An inside day completes as a red daily candlestick, mostly meeting expectations but not as clear as hoped for.
Upwards movement was expected to continue to about 2,467. Price reached to 2.64 points above this target.
A downwards swing was expected to begin the week. This is exactly what has happened.