Another very slight new all time high continues the upwards trend today.
For the very short term, a little upwards movement was expected for Tuesday’s session and this is what has happened. Tuesday put in a higher high and a higher low, closing as a doji, which is entirely normal within a correction.
The main Elliott wave count expects more upwards movement, and it has strong support from classic technical analysis, particularly a very bullish On Balance Volume and rising market breadth.
Another new high was expected, but the sharp pullback during Wednesday’s session was not expected. Price remains well above the invalidation point on the hourly Elliott wave count.
On Balance Volume and the AD line give strong clues today as to what to expect next.
Sideways movement was expected as most likely for Tuesday, but this is not what happened. Upwards movement has made a new all time high, but the session closed red.
A downwards session was expected for Thursday. This is exactly what happened.
Upwards movement continues as the main Elliott wave count expects.
The very bearish alternate Elliott wave count remains viable.
A little more downwards movement was expected for Monday’s session, which is what has happened.
Another downwards day remains within the range of recent movement. The short term Elliott wave structure at the hourly chart level is relabelled, and the Elliott wave target remains the same.
Price remains above the invalidation point on the hourly Elliott wave count.
The small downwards movement for today still fits with overall expectations.