The first target at 2,481 to 2,482 was met and passed by 2 points early in the session.
Sideways movement was expected as most likely for Tuesday, but this is not what happened. Upwards movement has made a new all time high, but the session closed red.
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.
Downwards movement was expected for Monday. This did not happen, but price has remained below the invalidation point on the hourly chart and at the end of Monday’s session has returned to within the channel.
A downwards day was expected for Wednesday, but this did not happen. Upwards movement invalidated the hourly Elliott wave count.
The main Elliott wave count again expected upwards movement. Monday has made a higher high and a higher low above Friday, the definition of upwards movement. This was expected.
The main Elliott wave count expected upwards movement. This happened at the end of the session for the candlestick to close green, but a lower low and a lower high for the session saw price overall move down from the prior day.
Yesterday it was noted that bullish divergence in both VIX and market breadth suggested an upwards session for Thursday. This is what has happened.
Downwards movement was expected. Another red daily candlestick has made a new low.