Downwards movement was expected to begin the new trading week. This is not what happened. Upwards movement invalidated the hourly Elliott wave count.
Price has moved higher for Tuesday as expected. A new high above 2,354.54 supports the main wave count over the alternate.
Downwards movement is unfolding as the Elliott wave count and classic technical analysis expected.
Thursday’s session was expected as very likely to see price move lower due to strong and unusual divergence between price and VIX for Wednesday’s session, which was interpreted as bearish.
Thursday made a slightly higher high and a higher low, the definition of upwards movement, but the candlestick closed red and the balance of volume for the session was downwards.
Upwards movement continues, which fits the larger picture of the main Elliott wave count.
Upwards movement was expected again for Monday, which is exactly what has happened.
Yesterday’s analysis expected downwards movement, but this is not what happened.
Price stopped barely short of the invalidation point.
A red daily candlestick fits the Elliott wave count nicely. The target may be met tomorrow.
Upwards movement unfolded as expected for Monday’s session.
The main Elliott wave count today will have two hourly charts, a main and an alternate.
Upwards movement was expected for Tuesday.
Price made a higher high and a higher low, and the daily candlestick closed green but only just.