Price remains constrained within a small zone of support and resistance. The three Elliott wave counts remain the same.
Yesterday’s analysis expected further downwards movement. The AD line indicates how much more may be expected.
Another test of support today saw price bounce again.
The AD line today sends a strong indication of what to expect tomorrow; this supports the Elliott wave count.
As expected an outside day continues a sideways consolidation.
Upwards movement for the week continues as expected, and it has support from rising market breadth and declining volatility. The Elliott wave counts remain the same.
Price remains range bound as has been expected for the week. The Elliott wave count remains the same.
Some consolidation or pullback was expected to have begun at the end of last week. An outside day, which closes red overall, fits this expectation as at the close price was little changed from the end of last week.
Price is moving sideways, which fits the first expectation for this week.
Both the AD line and VIX at the end of the week give the same signal. In conjunction with Lowry’s data, this indicates a more bullish scenario should be dominant.
The Elliott wave count has a new short to mid-term target.