A very little downwards movement was expected for the short term. A small range inside day mostly fits the expecation.
Divergence between price and market breadth at the last high for price strongly supports the main Elliott wave count.
Both wave counts remain valid and technical analysis still supports the main wave count.
Today signals from both the AD line and inverted VIX suggest the next short-term movement. The Elliott wave invalidation point for the main Elliott wave count remains the same.
A new high above 2,952.86 adds confidence to the main wave count.
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.
Downwards movement remains above the invalidation point and within the channel on the hourly chart. Both main and alternate Elliott wave counts remain valid.
Upwards movement was expected for Friday. An outside day closes red. Price remains above the short-term invalidation point and within the Elliott channel.