Upwards movement was expected for Friday due to bullish signals from the AD line and VIX. A strong upwards day fits the expectation nicely.
Downwards movement was expected for Thursday’s session, which is what has happened.
A correction was expected to be incomplete and continue for a few more days. The first target at 2,796 was met and passed. The second target has not yet been met.
Price continues higher as expected.
Today, monthly charts are analysed and a new target is added.
Last analysis expected for the very short term more upwards movement to about 2,650. Price did continue higher as expected, reaching 2,651.53.
Bearish divergence continues today, which supports the expectation of a pullback.
Price moved lower to break below the very close by invalidation point on the hourly chart.
For the short term, downwards movement was expected for Thursday’s session. An inside day completes as a red daily candlestick, mostly meeting expectations but not as clear as hoped for.
A downwards swing was expected to begin the week. This is exactly what has happened.
The first hour of the session saw a break below the channel on the hourly Elliott wave charts. At that stage, downwards movement was expected, and an increase in downwards momentum was also expected. So far price is fulfilling those expectations.