For the very short term, a small pullback was expected to begin the new trading week, which is what has happened. The Elliott wave count and targets remain the same.
Upwards movement was expected to continue and to show an increase in strength. A new all time high was expected.
Volume for the NY Comp today at 3.8 billion shares is well above the 30 day average of 3.4 billion shares, fitting the expectation of strength in this upwards trend.
A continuation of sideways movement overall was expected for this week. A small pattern may be developing on the daily chart, which may provide a classic technical analysis target to supplement the Elliott wave target.
Upwards movement continued as was expected for the short term from last analysis.
Today a candlestick pattern along with signals from VIX indicate the next movement for the short term. The mid-term target remains the same.
The week has ended strongly. A low was called tentatively on the 3rd of June, and the first confidence point at 2,799 was passed on the next day. Thereafter, price has continued higher this week as expected.
More upwards movement was expected from the S&P500 for Wednesday’s session, which is what has happened.
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.
The first target at 2,739 to 2,738 was passed. The next target at 2,722 has not quite been met.
Today the AD line and Lowry’s data is used to indicate the most likely next direction for tomorrow.