Yesterday it was noted that bullish divergence in both VIX and market breadth suggested an upwards session for Thursday. This is what has happened.
Upwards movement continues as the main Elliott wave count expects.
The very bearish alternate Elliott wave count remains viable.
A little more downwards movement was expected for Monday’s session, which is what has happened.
Another downwards day remains within the range of recent movement. The short term Elliott wave structure at the hourly chart level is relabelled, and the Elliott wave target remains the same.
Price remains above the invalidation point on the hourly Elliott wave count.
The small downwards movement for today still fits with overall expectations.
A little more downwards movement was expected to 2,076.
The downwards trend was judged to be weak on Friday. Monday has seen a very strong upwards day, with no new low at the beginning of the session.
A red daily candlestick was expected for Tuesday’s session, which is what happened.
The short term triangle structure was invalidated by more downwards movement than expected.
Both Elliott wave counts remain valid still.
Price moved lower.
The main Elliott wave count was invalidated and an alternate Elliott wave count was confirmed.