A new all time high to begin the new trading week continues the upwards trend, which is what the last Elliott wave and volume analysis expected.
More upwards movement was expected from the main hourly Elliott wave count and from the summary in last analysis.
Another very slight new all time high continues the upwards trend today.
Price has moved higher during Wednesday’s session.
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.
A breach of the small channel indicated the alternate hourly Elliott wave count should be used. Thereafter, downwards movement was expected. The candlestick has closed red today.
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.
It was expected that the downside for price was limited. A very slight new low for the session perfectly fits this expectation.
An inside day remains above the invalidation point on the hourly Elliott wave chart.
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.