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.
Price is range bound. A small red doji does not change 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.
Upwards movement was expected for Tuesday’s session. The session completed a green daily candlestick, but it was an inside day with no new high.
Monday was expected to be an upwards day, but this is not what happened.
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 again 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.