Upwards movement to new all time highs continues exactly as the main Elliott wave count expects. The target remains the same.
An inside day to end the session prints a Dragonfly Doji. In the context of an upwards trend, this is bullish.
The alternate Elliott wave count was invalidated this week leaving only the one main Elliott wave count at this time. Targets remain the same.
A cluster of signals (from VIX, the AD line, Friday’s candlestick and volume) suggests at the end of the week that an alternate Elliott wave count may be more likely for the short-term outlook.
Another new all time high today reaches the next target and slightly exceeds it.
The next target was at 3,238 to 3,240. The high this session at 3,240.48 meets expectations.
All week upwards movement has been expected, which is exactly what has happened.
Price is closing in on the target zone of 2 points, which is calculated from a gap and using Fibonacci ratios in the Elliott wave structure.
A brief and shallow correction was expected to continue lower to 3,130. Downwards movement continued further than expected, reaching a low at 3,110.78.