Upwards movement continues as expected.
On Balance Volume this week gives important signals on the daily and weekly charts.
A pullback was expected to begin the new trading week. A lower low and a lower high fits this expectation exactly.
Last analysis expected a pullback or consolidation to begin the new trading week. A red daily candlestick fits this expectation perfectly.
Last analysis warned that some small range downwards days or doji may show up at this stage. A small red candlestick for Wednesday’s session fits this description.
A green daily candlestick was expected for Friday’s session. Although the candlestick printed green, the session saw a lower low that was not expected.
Overall, the Elliott wave count remains the same with price remaining well above the invalidation point. The AD line and On Balance Volume continue to support the Elliott wave analysis.
More upwards movement unfolded as last analysis expected.
Today a candlestick pattern is balanced against analysis of On Balance Volume and the AD line to decide which short term Elliott wave count is most likely for tomorrow.
A small inside day fits the Elliott wave count.
At the end of the week, VIX and the AD line and On Balance Volume are all giving signals which are in agreement.
A lower low and a lower high fits the definition of downwards movement, which is what was expected for the session.
Another signal from the AD line to end the trading week gives strong confidence in the Elliott wave analysis.
In light of recent signals from the AD line and On Balance Volume, it is time to step back and look again at monthly charts for the Elliott wave count, and some key indicators.