Price moved overall upwards with a higher high and a higher low for the session. Upwards movement was expected.
Downwards movement continued, as expected, and found support at three different trend lines.
On Friday another downwards day unfolded exactly as expected for the S&P500.
A very short term target expected some upwards movement for one or two days to a target zone at 2,380 to 2,383. Price moved higher as expected for Wednesday’s session, reaching 2,390.01.
Downwards movement is unfolding as the Elliott wave count and classic technical analysis expected.
Another day of downwards movement was expected from the Elliott wave count and from classic technical analysis.
An upwards day was expected for Friday. Price made a lower low and lower high, the definition of a downwards day, but the session closed green.
Price remains above the near by invalidation point on the hourly Elliott wave count.
Upwards movement was not expected for Monday. The main Elliott wave count expected downwards movement for the session.
The current situation has multiple possibilities and for members today three hourly Elliott wave counts are again presented along with some cautious trading advice on how to approach this market.
A downwards day was not expected for Friday. The slight new lower high and lower low essentially moved price sideways for the session.
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.