A new high above 2,952.86 adds confidence to the main wave count.
Upwards movement continues exactly as expected. Today the Elliott wave analysis has strong support from the AD line and On Balance Volume.
For the short term, a small amount of upwards movement to either 2,871 or 2,898 was expected for Friday. Upwards movement reached 2,893.63.
An upwards day fits both Elliott wave counts. Price remains below the invalidation / confidence point.
For the short term, a little more downwards movement was expected. Price has moved sideways in a very small range for the session, which overall fits the Elliott wave count.
Yesterday’s Elliott wave and technical analysis expected the pullback may have ended and a third wave up may have begun. A strong upwards day exactly fits this expectation. The target for a third wave remains the same.
Price closed back within the channel and remains above the invalidation point.
A short-term target for a pullback or consolidation was 2,918. Today’s high at 2,916.06 is just 1.94 points short of the target.