Upwards movement was expected for the short term. Price remains just below the invalidation area for the Elliott wave count.
Last analysis expected that the S&P was now in a primary degree pullback to continue lower. To end the short trading week, Thursday saw price move lower as expected.
Price remains range bound again today. The longer price remains coiled between resistance and support, the closer and more violent the breakout will be.
A new low below 2,371.54 invalidated the hourly Elliott wave count and indicated a pullback has likely arrived.
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.