Price has moved sideways to complete an inside day and close as a doji.
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 is still range bound, testing support at today’s low. The breakout will come, and the longer price coils within this range the more violent the breakout may be.
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 was expected. Price did move higher to begin the session, but fell strongly in the final hours to close red. An outside day was completed.
Upwards movement was expected for Tuesday’s session. The session completed a green daily candlestick, but it was an inside day with no new high.
Monday was expected to be an upwards day, but this is not what happened.
Another downwards day has unfolded as expected to start the new trading week. The Elliott wave count remains the same and has support from volume and ADX.
A very short term target expected some upwards movement for one or two days to a target zone at 2,380 to 2,383. Price moved higher as expected for Wednesday’s session, reaching 2,390.01.
Downwards movement is again unfolding as the Elliott wave count and classic technical analysis expected.