A small diamond pattern may be forming. This supports the Elliott wave count.
A small doji at the weekly chart level now puts the trend from up to neutral, at least for the short term.
A simple classic technical analysis pattern may answer the question of what direction to expect tomorrow from the S&P500 upon release of Non Farm Payroll data. This release is expected to move markets strongly:.
Pennants are reliable continuation patterns. The pattern is supported if volume declines as the pattern forms. Pennants normally appear about halfway within a trend.
The measured rule takes the flag pole which precedes the pattern and adds that length to the expected breakout of the pattern.
If this pattern is correct, then tomorrow may see an upwards breakout to new all time highs for the S&P500.
Original post published @ 06:28 a.m. EST on Elliott Wave Gold.
Another small inside day now gives the current consolidation a more typical look. A pennant may be forming.
Sideways movement completes an outside day and fits both Elliott wave counts. This market is again range bound.
A little more upwards movement fits both hourly Elliott wave counts.
A little upwards movement was expected for Monday. Price fell 2.04 points short of the target on the main hourly Elliott wave chart before turning lower to print a red daily candlestick.
A small inside day sees the Elliott wave count only slightly changed at the hourly chart level.
The first target at 2,481 to 2,482 was met and passed by 2 points early in the session.
Last analysis was clear: the trend is still up. A new all time high was therefore expected as most likely.