Price is still range bound, testing support at today’s low. The breakout will come, and the longer price coils within this range the more violent the breakout may be.
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.
Upwards movement has invalidated the main hourly Elliott wave count and confirmed an alternate.
Upwards movement was expected again for Monday, which is exactly what has happened.
Yesterday’s analysis expected downwards movement, but this is not what happened.
Price stopped barely short of the invalidation point.
A red daily candlestick fits the Elliott wave count nicely. The target may be met tomorrow.
Upwards movement unfolded as expected for Monday’s session.
The main Elliott wave count today will have two hourly charts, a main and an alternate.