The next target is almost met. The structure may be incomplete. A new higher target is now calculated.
The next target was at 3,179 (members were warned it may be too low). Upwards movement continued as expected for Friday reaching 3,182.68.
For the short term, a pullback was expected for this session. Price moved reasonably below the target at 3,107 to find a low at 3,091.41, 15.59 points below the target.
Price remains above the invalidation point and has bounced up strongly off the low.
A new all time high has been expected from the S&P for some time. Today it finally arrived. The breakaway gap may offer support.
The bounce at the end of today’s session is carefully analysed for signs of strength or weakness to identify if the main or alternate Elliott wave count is more likely.
Today looks like a typical back test of support after an upwards breakout. The identified area of support is holding.
Targets remain the same.
Another downwards day closes green with a smaller range Doji. Analysis of volume within the session supports the Elliott wave counts.
A small inside day leaves the Elliott wave counts unchanged.
For the short term, a little more downwards movement was expected. Another red daily candlestick has printed with a lower low and a lower high, fitting expectations.