A small correction was expected to continue. With price moving slightly lower and closing as a small doji candlestick for Friday’s session, this is what is happening.
All three hourly Elliott wave counts remain valid today. Members are given some trading advice on how to handle this uncertainty.
If a new all time high is seen tomorrow, then members will have an Elliott wave target to work with.
Price has moved overall higher to begin the new trading week, towards the new target provided in last analysis.
Upwards movement continues as was expected from the main Elliott wave count. The targets remain the same.
An alternate wave count is considered, but classic technical analysis indicates it has a lower probability.
A small doji after the Bearish Engulfing Candlestick pattern completes a Bearish Harami Cross.
Bearishness between price and market breadth, VIX and RSI was the harbinger of a pullback that occurred during Thursday’s session.
Two Elliott wave counts illustrate now two possibilities for next movement, and classic analysis is used to determine the probability of each scenario.
Upwards movement was expected but price has moved sideways for Friday to complete an inside day.
The short term Elliott wave count is slightly adjusted at the hourly chart level today.
Price continues higher as expected, well exceeding the last Elliott wave target and a classic analysis target using the measured rule.
Upwards movement continues towards targets as expected.
A very small doji for an inside day sees the Elliott wave counts remain the same. The AD line as a measure of market breadth today gives another signal.