On Balance Volume gives a signal today that suggests a primary degree correction may have arrived. Fibonacci ratios are used for targets.
Price continues to move higher towards the targets. Targets remain the same.
A very short-term pullback was expected to begin this session. While the session did make a lower low, price overall has moved higher and the target for the pullback was not met.
Downwards movement has indicated that an alternate Elliott wave count is now more likely.
Today’s signals from the AD line, VIX and candlesticks are used to determine tomorrow’s most likely direction.
Downwards movement has invalidated the main hourly Elliott wave count. Now the short-term structure is slightly clearer.
Upwards movement was expected to continue. Today’s higher high and a higher low fits the definition of upwards movement.
Upwards movement has resumed as the main Elliott wave count expected.
An extremely likely new all time high for the S&P has been expected.
A small upwards day closes red.
Yesterday’s analysis expected a shallow consolidation may continue sideways, which is exactly what is happening so far.