Today signals from both the AD line and inverted VIX suggest the next short-term movement. The Elliott wave invalidation point for the main Elliott wave count remains the same.
Price continues to move higher as expected. The Elliott wave target remains the same.
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.
A new all time high invalidates the bearish wave count and adds confidence to the bullish wave count. Targets calculated using Fibonacci Ratios between Elliott waves remain the same.
A small upwards day fits expectations for the short term. At the end of the week, volume and breadth are pointing to the direction for next week.
More upwards movement was expected from the S&P500 for Wednesday’s session, which is what has happened.
Downwards movement is now too large to look right for the main daily chart. The bigger picture remains the same.
Some consolidation or a pullback was expected to begin. An outside day which closes red overall fits this expectation.
A little more downwards movement was expected for Monday, although the short-term target at 2,796 was too high.
On Balance Volume gives a signal today that suggests a primary degree correction may have arrived. Fibonacci ratios are used for targets.