A green daily candlestick has unfolded for Wednesday’s session exactly as was expected in yesterday’s summary. With some price confidence, now the alternate and main Elliott wave counts are swapped over.
A new low below 2,422.88 has invalidated the main Elliott wave count and confirmed the alternate. Yesterday’s bearish divergence between price and the AD line and VIX did warn of a possible breakdown.
A small range inside week completes, which is exactly what was expected at the beginning of the week. Price is consolidating.
Price remains range bound, which was expected.
Wednesday completed an outside day that closed red.
Price has moved higher as last analysis expected. The Elliott wave target remains the same.
Downwards movement was expected to most likely be a small pullback within an ongoing upwards trend.
The pullback has remained above the invalidation point, as expected. The target is slightly adjusted; the Elliott wave target is now only 2 points from the classic analysis target.
Another small day moves price essentially sideways.
A small inside day leaves the analysis mostly the same. The strong floor of support about 2,377 continues to hold.
A small pullback was expected to be relatively brief and shallow. So far price is meeting this expectation.
Gaps will be used for trading advice for members with long positions.