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.
Upwards movement to a target at 2,448 to 2,450 was expected. Price moved higher to reach 2,446.20 before turning strongly downwards on Friday. Price fell just 1.8 points short of the 2 point target zone.
Upwards movement was expected. The Elliott wave target has been reached, but the classic technical analysis target using the measured rule has not yet been reached.
The short term expected downwards movement for Wednesday, which again did not happen.
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.