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.
A high today at 2,936.83 is very close to the last all time high at 2,940.91.
The Elliott wave count has been expecting the last all time high at 2,940.91 to be challenged for many weeks now.
An outside day for Friday closes green as the S&P500 ends with a little strength into the close. This is what the main Elliott wave count has expected, and it now has support from classic technical analysis this week.