A small inside day saw price move sideways for Friday, remaining within the channel on the hourly chart.
The short term expected downwards movement for Wednesday, which again did not happen.
A red daily candlestick with a long lower wick makes the Elliott wave count have a better look now at the daily chart level.
A small sideways day sees the Elliott wave count slightly adjusted, which effects the target zone. An alternate hourly Elliott wave count is provided today just in case.
Price has made a lower high and a lower low, although it closed green.
A green daily candlestick has unfolded exactly as expected for Thursday’s session.
A breach of the channel on the hourly Elliott wave chart and a new low below 2,252.37 indicate a correction has begun.
A new all time high indicates the S&P is still in a bull market. Dow Theory has confirmation.
A small inside day printed a small red doji candlestick. The Elliott wave counts remain the same.
Some divergence today is noted between price and the AD line, and between price and VIX. This may assist to indicate the direction for tomorrow.
Upwards movement breached the invalidation point on the hourly chart, which was very close by at 2,154.77. The short term structure is changed.