Upwards movement was expected. A higher high and a higher low today fits the basic definition of an upwards day. The Elliott wave target remains the same.
To end the week, upwards movement has continued as expected.
More downwards movement to a target at 2,698 was expected. The low for Monday at 2,691.43 is 6.57 points below the target.
A test of support about 2,912 was expected to begin the new trading week, which is exactly what has happened.
Today’s small shallow correction fits the overall expectation of the main Elliott wave count.
Today’s signals from On Balance Volume, the AD line and VIX all point to the same direction for price next.
Three short term Elliott wave counts are provided for members to consider all possibilities.
A small pullback remains above the short term invalidation point.
The AD line gives a signal today.
Upwards movement was expected for the last session, but this is not what happened as price moved lower. However, price remains above the invalidation point.
A new short term Elliott wave count is considered today.
A signal today from On Balance Volume and VIX gives an indication of the direction for tomorrow. So far price is behaving mostly as expected, and the Elliott wave count remains the same at the daily chart level.