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.
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 is range bound. A small red doji does not change the Elliott wave count.
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.