Upwards movement was expected to continue from last analysis, which is what has happened. The short and long term targets remain the same.
A very small range inside day changes the very short term picture only slightly. The Elliott wave targets remain the same and can today be supplemented by a classic analysis target using a reliable short term pattern.
A small pullback remains above the invalidation points on the hourly charts.
The main Elliott wave count is still strongly favoured by volume and On Balance Volume.
Another very slight new all time high continues the upwards trend today.
For the very short term, a little upwards movement was expected for Tuesday’s session and this is what has happened. Tuesday put in a higher high and a higher low, closing as a doji, which is entirely normal within a correction.
The main Elliott wave count expects more upwards movement, and it has strong support from classic technical analysis, particularly a very bullish On Balance Volume and rising market breadth.
Another new high was expected, but the sharp pullback during Wednesday’s session was not expected. Price remains well above the invalidation point on the hourly Elliott wave count.
On Balance Volume and the AD line give strong clues today as to what to expect next.
Last end of week analysis warned that On Balance Volume supported the alternate Elliott wave count and a target for more upwards movement was given. Price has moved higher as that wave count expected and the On Balance Volume signal is now clear and strong.
The main Elliott wave count again expected upwards movement. Monday has made a higher high and a higher low above Friday, the definition of upwards movement. This was expected.
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.