Upwards movement remains below the short-term invalidation point. The Elliott wave counts are swapped over today after analysis of internal volume and breadth in the last two sessions.
For the short term, a small amount of upwards movement to either 2,871 or 2,898 was expected for Friday. Upwards movement reached 2,893.63.
Another downwards day closes green with a smaller range Doji. Analysis of volume within the session supports the Elliott wave counts.
Upwards movement today fits the main Elliott wave count.
A sideways inside day to end the trading week leaves both Elliott wave counts essentially the same.
Classic analysis favours the main Elliott wave count.
A new low at the open of the session invalidated the main Elliott wave count and gave confidence to the alternate. At that stage, the target for downwards movement was 2,842.28. The low for the session was at 2,822.
At the end of this week, the AD line and VIX indicate the most likely Elliott wave count.