Price continues to move higher towards the next Elliott wave target.
A little downwards movement was expected for the short term, which is what happened. The short-term targets remain the same.
Upwards movement was expected for the session. The session began with downwards movement, remaining above support and above the invalidation point, and then thereafter the session ended strongly to close green.
Upwards movement continued as the main Elliott wave count expected. All three Elliott wave counts remain valid at the end of the week, but the two alternates now have a very low probability.
Sideways movement fits the main Elliott wave count. The target remains the same.
New highs this week again from the S&P have support from rising market breadth.
The Elliott wave count provides targets.
A consolidation was expected to be shallow and continue this week.
A pennant pattern identified on the daily chart now has an upwards breakout. The gap may be useful for traders. A target is calculated using the flag pole.
For the short term, some sideways movement was expected for Friday’s session, which is what has happened.