Again, price continues to move higher as the main Elliott wave count has been expecting for this week. The target is calculated using Elliott wave and classic technical analysis methods.
A small range upwards day completes a significant candlestick pattern. This is analysed today in context with signals from On Balance Volume and the AD line.
For the very short term, for Friday’s session, a pullback to about 2,828 was expected. A pullback did unfold but was deeper than expected, reaching 2,808.
More upwards movement was expected for Tuesday’s session, which is exactly what happened.
Further upwards movement continues as expected with a higher high and a higher low for the session.
The AD line continues to provide reliable signals.
Upwards movement was expected for Monday. A higher high and a higher low fits the definition of upwards movement for Monday’s session, although the range was small.
A slight new low and then a bounce was expected for Friday. The session did not begin with a slight new low, but price did bounce.
The classic technical analysis target was 2,801. This was met with the gap higher today to a new all time high at 2,807.54.