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.