Upwards movement has unfolded as expected.
A small inside day saw price move sideways for Friday, remaining within the channel on the hourly chart.
The short term expected downwards movement for Wednesday, which again did not happen.
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.
A red daily candlestick with a long lower wick makes the Elliott wave count have a better look now at the daily chart level.
A small sideways day sees the Elliott wave count slightly adjusted, which effects the target zone. An alternate hourly Elliott wave count is provided today just in case.
Price has made a lower high and a lower low, although it closed green.
A green daily candlestick has unfolded exactly as expected for Thursday’s session.
A breach of the channel on the hourly Elliott wave chart and a new low below 2,252.37 indicate a correction has begun.
A new all time high indicates the S&P is still in a bull market. Dow Theory has confirmation.