At the end of this week, the AD line and VIX indicate the most likely Elliott wave count.
A small range day makes a new all time high.
Today RSI, the AD line and VIX are used to indicate which of two Elliott wave counts may be most likely.
A continuation of sideways movement overall was expected for this week. A small pattern may be developing on the daily chart, which may provide a classic technical analysis target to supplement the Elliott wave target.
Price continues to move sideways. A small pennant pattern may be forming on the daily chart. A target is calculated using the flag pole.
A new all time high was expected this week from the S&P, which is what has happened.
Upwards movement was expected. Price has moved a little higher.
Both Elliott wave counts for the short term expected a bounce to begin the week, which is what has happened.
Upwards movement continued as the Elliott wave count expected. The target remains the same.
Downwards movement invalidated the main Elliott wave count. The invalidation indicated either of the two alternate Elliott wave counts may be correct.
Two Elliott wave counts are used today with clear confidence and invalidation points.
Upwards movement was expected for Wednesday’s session. A higher high and a higher low fits the definition of an upwards day.