Price remains above the invalidation point, but the closure of the last gap and price moving back down into the prior consolidation zone puts the breakout as false. The gap was a pattern gap and not a breakaway gap.
Price remains range bound, which was expected.
Wednesday completed an outside day that closed red.
A small inside day saw price move sideways for Friday, remaining within the channel on the hourly chart.
A new all time high at the open gap up invalidated the alternate Elliott wave count providing confidence in the main Elliott wave count. The target remains the same.
A strong whipsaw moved below the short term invalidation point on the hourly Elliott wave count. However, downwards movement was quickly retraced and today’s candlestick looks very bullish.
A small inside day closes green. Price remains above stops on long positions. The Elliott wave analysis remains the same.
Upwards movement continues with a new all time high. Downwards movement at the end of this session remains above stops on long positions.
Price continues to move sideways.
A large symmetrical triangle may be forming.
A brief shallow pullback was expected for Friday. Price moved overall sideways meeting the expectation.
On Friday another downwards day unfolded exactly as expected for the S&P500.