A new signal today from the AD line requires a new Elliott wave count for the short term expectation. The new Elliott wave count has a new short term target.
A strong signal from the AD line today means that the alternate Elliott wave counts will be discarded.
There is now reasonable confidence in the main Elliott wave count. Today’s open gap may be used to calculate a target using classic technical analysis, to add to the Elliott wave target.
The last main Elliott wave count expected upwards movement to continue.
An important trend line has been breached today, and the AD line is very close to providing a major signal.
Yesterday’s main hourly Elliott wave count expected a small correction to continue sideways or lower. A little downwards movement to complete a doji candlestick for the session fits this expectation.
Last analysis again expected upwards movement, which is exactly how the week ended, with a strong green candlestick for Friday.
Price gapped higher but did not reach the short term target before turning a little lower in a mostly sideways day for Friday.
At the end of this week, there are signals from On Balance Volume, the AD line, and VIX that support the Elliott wave counts.
A little upwards movement to a target at 2,694 – 2,696 was expected before a resumption of a pullback. Price did gap higher to complete the Elliott wave structure, but fell short of the target by 10.45 points. Thereafter, downwards movement unfolded as was expected overall for the week.
For the short term, a pullback was expected to end about either 2,700 or 2,690. Downwards movement for the session reached below the second target to 2,681.90.
Upwards movement was expected again for Friday. The session began with a gap higher, but thereafter moved lower to close red. Price remains above the invalidation point.
A small inside day changes the Elliott wave counts only slightly at the hourly chart level.