Price completed an outside day, mostly sideways movement to close as a small range doji. On Balance Volume gives another important signal today which may tell us what direction price may move tomorrow.
Last analysis offered a warning in the summary that price may move higher, and may make a new all time high. This is what has happened today.
Price is moving sideways in a small range for the last two sessions. The short term direction expected by the Elliott wave count remains the same.
Upwards movement was expected for Tuesday’s session but the target at 2,448 was inadequate. Price moved 6.77 points above the target.
The diamond pattern was broken but the possible upwards breakout was quickly reversed. The second hourly Elliott wave count expected this but price fell 6.13 points short of the target.
Another small inside day now gives the current consolidation a more typical look. A pennant may be forming.
Upwards movement within a small range fits both hourly Elliott wave counts. Both VIX and the AD line today exhibit some divergence with price. With this divergence for both indicating the same direction, they both point to which hourly Elliott wave count may be more likely tomorrow.
A green daily candlestick was expected for Friday, which is exactly what happened.
Price has moved strongly lower exactly as the last published Elliott wave count expected.
The Elliott wave count expected a continuation of a sideways correction. Price remains range bound. For the short term price was expected to move lower, which has happened.