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.
Sideways movement continues but now all of On Balance Volume, the AD line, and inverted VIX give the same signals. The Elliott wave count is updated.
Price moved overall lower as yesterday’s analysis expected.
Upwards movement continues as the main Elliott wave count expects.
Upwards movement was expected. A higher high and a higher low today fits the basic definition of an upwards day. The Elliott wave target remains the same.