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.
The low today invalidated one hourly chart.
The Elliott wave count has support from a candlestick reversal pattern.
The upwards trend continues overall as expected. Elliott wave targets remain the same.
A new high leaves the alternate Elliott wave count valid but prompts a reanalysis of this upwards wave.
Two new Elliott wave counts are published for members. The main Elliott wave count has support from volume and VIX.
The first target at 2,767 was met and price kept rising. The next target is now used.