The internal strength of this upwards day is analysed to determine which Elliott wave count looks more likely.
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.
A small Doji candlestick today completes an inside day.
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.
More sideways movement was expected to begin the new week. A small range Doji candlestick exactly fits this expectation. A target for this consolidation to end may now be calculated.
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.
A downwards swing failed to make a new low today. Three out of four short-term Elliott wave counts now remain valid.
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.