New all time highs were expected for this week and that is exactly what has happened this Monday.
A small pullback was expected to unfold here or shortly. An upwards day closes red, with a long upper wick on the candlestick. This looks like a small pullback may have begun at the end of this session.
Price continues to move sideways.
Price continues to move sideways supporting the alternate Elliott wave count. Both wave counts remain valid.
Price has moved sideways to complete an inside day and close as a doji.
Downwards movement was expected to begin the new trading week. This is not what happened. Upwards movement invalidated the hourly Elliott wave count.
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.
A breakout was expected for Friday but did not happen. An inside day was completed. Price remains range bound for this market.
Again, upwards movement was expected. The session closed green although it completed with a lower low and a lower high, the definition of downwards movement. Price remains range bound between resistance at about 2,370 and support at about 2,340. The breakout will probably come tomorrow during Non Farm Payroll data release.
A small inside day fits within the Elliott wave count. The candlestick closed green and the balance of volume for the session was upwards. Overall, today may be read as neutral.