Upwards movement for the week to new all time highs was expected for the main Elliott wave count.
Also, upwards movement for the week has invalidated the alternate Elliott wave count. When alternate wave counts are invalidated, then more confidence may be had in the main wave count.
A small shallow correction within the upwards trend was expected to unfold today but did not.
The overall trend remains upwards, as expected, but there are a cluster of bearish signals developing to watch.
Last Friday’s analysis expected the new week to begin with upwards movement that was reasonably likely to make a new high above 2,848.03. A high today at 2,853.21 fits the expectation.
Upwards movement continues as expected.
The Elliott wave and classic analysis targets remain the same.
Last analysis expected that a pullback was complete and upwards movement should resume. This is exactly what has happened so far.
The AD line gives another strong signal today, which offers good support to the Elliott wave count. The short term picture changes with this signal: the main and alternate hourly wave counts are again swapped over today.
The short term target at 2,840 was reached and slightly passed today. This has implications for the Elliott wave structure at the hourly chart level, so new targets have been calculated.