A new all time high at the open gap up invalidated the alternate Elliott wave count providing confidence in the main Elliott wave count. The target remains the same.
A small inside day closes green. Price remains above stops on long positions. The Elliott wave analysis remains the same.
Upwards movement continues with a new all time high. Downwards movement at the end of this session remains above stops on long positions.
Price continues to move sideways.
A large symmetrical triangle may be forming.
A brief shallow pullback was expected for Friday. Price moved overall sideways meeting the expectation.
On Friday another downwards day unfolded exactly as expected for the S&P500.
Price has moved sideways in a small range for Monday’s session. This fits the hourly Elliott wave count and the alternate daily Elliott wave count best.
A downwards day was not expected for Friday. The slight new lower high and lower low essentially moved price sideways for the session.
Upwards movement for the start of the week breaks above a prior small consolidation with a breakaway gap. Gaps can be useful for trading.
The target given by the Elliott wave count can now be calculated at two degrees, so it widens to a small zone.
Downwards movement was expected from the Elliott wave count and classic technical analysis for Tuesday’s session. This is what has happened.