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.
Overall, upwards movement continues as expected. The Elliott wave target remains the same.
Two hourly charts are published today for the short-term picture.
A high today at 2,936.83 is very close to the last all time high at 2,940.91.
The Elliott wave count has been expecting the last all time high at 2,940.91 to be challenged for many weeks now.
The upwards trend was expected to continue. An inside day today closes green, and the balance of volume was upwards. Elliott wave and classic analysis targets remain the same.
An outside day for Friday closes green as the S&P500 ends with a little strength into the close. This is what the main Elliott wave count has expected, and it now has support from classic technical analysis this week.