It was expected that the downside for price was limited. A very slight new low for the session perfectly fits this expectation.
An inside day remains above the invalidation point on the hourly Elliott wave chart.
Another new high was expected, but the sharp pullback during Wednesday’s session was not expected. Price remains well above the invalidation point on the hourly Elliott wave count.
On Balance Volume and the AD line give strong clues today as to what to expect next.
Last end of week analysis warned that On Balance Volume supported the alternate Elliott wave count and a target for more upwards movement was given. Price has moved higher as that wave count expected and the On Balance Volume signal is now clear and strong.
Upwards movement was expected to continue to about 2,467. Price reached to 2.64 points above this target.
A small inside day sees the Elliott wave count only slightly changed at the hourly chart level.
The first target at 2,481 to 2,482 was met and passed by 2 points early in the session.
Last analysis was clear: the trend is still up. A new all time high was therefore expected as most likely.
Upwards movement within a small range fits both hourly Elliott wave counts. Both VIX and the AD line today exhibit some divergence with price. With this divergence for both indicating the same direction, they both point to which hourly Elliott wave count may be more likely tomorrow.
A very small inside day leaves the Elliott wave counts mostly unchanged.