A very small range inside day changes the very short term picture only slightly. The Elliott wave targets remain the same and can today be supplemented by a classic analysis target using a reliable short term pattern.
Last end of week analysis warned that On Balance Volume supported the alternate Elliott wave count and a target for more upwards movement was given. Price has moved higher as that wave count expected and the On Balance Volume signal is now clear and strong.
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 remains range bound again today. The longer price remains coiled between resistance and support, the closer and more violent the breakout will be.
Monday was expected to be an upwards day, but this is not what happened.
Downwards movement continued, as expected, and found support at three different trend lines.
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.
Another day of downwards movement was expected from the Elliott wave count and from classic technical analysis.
The short term target has been met and the mid term target remains the same.
Price continued higher and almost met the target, which was at 2,353, fitting the second hourly Elliott wave chart.