A small downwards day remains above the Elliott wave invalidation point, and price remains within the channel on the short-term hourly chart. Overall, price is so far behaving as expected.
At the end of this week, the AD line gives another signal that strongly supports the main Elliott wave count.
Upwards movement was expected to resume. The session has closed as an outside day with a strong finish and a green daily candlestick.
Price remains constrained within a small zone of support and resistance. The three Elliott wave counts remain the same.
Another test of support today saw price bounce again.
The AD line today sends a strong indication of what to expect tomorrow; this supports the Elliott wave count.
Upwards movement for the week continues as expected, and it has support from rising market breadth and declining volatility. The Elliott wave counts remain the same.
Some consolidation or pullback was expected to have begun at the end of last week. An outside day, which closes red overall, fits this expectation as at the close price was little changed from the end of last week.
Both the AD line and VIX at the end of the week give the same signal. In conjunction with Lowry’s data, this indicates a more bullish scenario should be dominant.
The Elliott wave count has a new short to mid-term target.