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.
For Friday more upwards movement was expected, which is exactly what has happened.
Last end of week analysis expected that a third wave upwards was unfolding. Another strong upwards day exactly fits this expectation.
Sideways movement was expected as most likely for Wednesday’s session, which is what happened.
A strong signal from the AD line today means that the alternate Elliott wave counts will be discarded.
There is now reasonable confidence in the main Elliott wave count. Today’s open gap may be used to calculate a target using classic technical analysis, to add to the Elliott wave target.