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.
While the short-term invalidation point on the hourly chart was breached on Friday, the larger picture remains mostly the same and has support from classic technical analysis.
Today both inverted VIX and the AD line give signals for the next direction of price tomorrow.
More upwards movement has unfolded as expected. The Elliott wave and classic analysis targets remain the same.
More upwards movement has unfolded, which is what was expected for the bigger picture.
A breach of the small channel on the hourly Elliott wave chart in the third hour of today’s session saw an expectation that price may continue lower to either 2,736 or 2,696. A close at 2,700 mostly fits this expectation.