Last analysis again expected upwards movement, which is exactly how the week ended, with a strong green candlestick for Friday.
A pullback within an upwards swing was expected, but it arrived a day or so earlier. Price remains above the invalidation point.
A small inside day does not change the Elliott wave count.
Four hourly charts are published today to separate out four different ideas.
Downwards movement continues as expected.
A new alternate idea is published today.
Upwards movement was expected for Friday due to bullish signals from the AD line and VIX. A strong upwards day fits the expectation nicely.
A correction was expected to be incomplete and continue for a few more days. The first target at 2,796 was met and passed. The second target has not yet been met.
For the very short term, the hourly Elliott wave analysis expected a pullback for a small fourth wave. With price remaining above first wave price territory, all Elliott wave rules are met and the wave count has the right look. The pullback for Friday was almost exactly what the last analysis expected to see.
Bearish divergence continues today, which supports the expectation of a pullback.
A new high in the first hour of the session gave confidence to a target at 2,548 to 2,550. Upwards movement for the session reached 2,552.51.
A downwards swing was expected to begin the week. This is exactly what has happened.