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.
Price gapped higher but did not reach the short term target before turning a little lower in a mostly sideways day for Friday.
At the end of this week, there are signals from On Balance Volume, the AD line, and VIX that support the Elliott wave counts.
A small inside day changes the Elliott wave counts only slightly at the hourly chart level.
An upwards bounce and quick reversal today completes a Gravestone doji candlestick.
Some more downwards movement was expected but the target at 2,733 was inadequate.
The main and alternate Elliott wave counts are swapped over today.
Upwards movement has unfolded for Wednesday’s session as expected from yesterday’s Elliott wave count and technical analysis.
Upwards movement continued for Friday to another new all time high as the main Elliott wave count expected.