Upwards movement was expected for the short term. Price remains just below the invalidation area for 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 continues as expected.
A very bearish alternate (which was judged to have a very low probability) has been invalidated today. This adds confidence to the main Elliott wave count and the targets.
Upwards movement was expected for Wednesday’s session, and that is what has happened.
The main Elliott wave count remains the same and the alternate Elliott wave count remains possible.
Downwards movement was expected for Thursday’s session.
The target at 2,190 was met and exceeded so far by 2.56 points.
An inside day began with downwards movement, as expected, but the target was not reached.
A red long legged doji for today’s session indicates indecision, a balance between bulls and bears. This mostly fits expectations; this session was expected to produce a small red daily candlestick.
Upwards movement was expected for Friday’s session.
The session made a higher high and a higher low, but it closed with a red candlestick.
A small downwards day fits for both hourly Elliott wave counts.