For the very short term, the hourly Elliott wave analysis expected a pullback for a small fourth wave. With price remaining above first wave price territory, all Elliott wave rules are met and the wave count has the right look. The pullback for Friday was almost exactly what the last analysis expected to see.
Upwards movement has unfolded as expected.
It looks like price has broken upwards out of a symmetrical triangle.
Some trading advice on how to use gaps is offered today to members.
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. Price did move higher to begin the session, but fell strongly in the final hours to close red. An outside day was completed.
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.
Another downwards day has unfolded as expected to start the new trading week. The Elliott wave count remains the same and has support from volume and ADX.
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.