The main Elliott wave count expected upwards movement. This happened at the end of the session for the candlestick to close green, but a lower low and a lower high for the session saw price overall move down from the prior day.
Yesterday it was noted that bullish divergence in both VIX and market breadth suggested an upwards session for Thursday. This is what has happened.
Price remains above the invalidation point, but the closure of the last gap and price moving back down into the prior consolidation zone puts the breakout as false. The gap was a pattern gap and not a breakaway gap.
Price remains range bound, which was expected.
Wednesday completed an outside day that closed red.
Downwards movement was expected to most likely be a small pullback within an ongoing upwards trend.
The pullback has remained above the invalidation point, as expected. The target is slightly adjusted; the Elliott wave target is now only 2 points from the classic analysis target.
Downwards movement was expected. Another red daily candlestick has made a new low.
Downwards movement was expected. Price has moved sideways to print a red daily candlestick.
Another small day moves price essentially sideways.
A small inside day leaves the analysis mostly the same. The strong floor of support about 2,377 continues to hold.
Price remains constrained and moving sideways. Volume suggests the breakout direction.