Price is now at the upper edge of a multi-year channel. The Elliott wave counts remain essentially the same.
The Elliott wave count has expected overall upwards movement for almost the entire year, which is what has happened.
Shorter-term pullbacks and consolidations may be indicated with warning signs from one or more of On Balance Volume, RSI, the AD line or inverted VIX.
Price continues to move higher towards the next Elliott wave target exactly as expected.
Today a small gap is used to calculate a new short-term target.
The upwards trend was expected to resume this week. A new all time high and a strong close is exactly what was expected. The Elliott wave structure unfolds as expected and the target so far remains the same.
A breach of the channel on the hourly chart indicated a small pullback may be underway.
Price remains above the invalidation point. Both short-term Elliott wave counts remain valid.
Some downwards movement for the short term was expected for Tuesday, which is what has happened. The short-term target was at 2,920 or 2,896. The low for the session was at 2,892.71, which was just 3.29 points below the second target.
For the short term, a pullback or consolidation was expected to begin on Friday. This is exactly what has happened.
A small downwards day leaves both Elliott wave counts valid. Internal strength or weakness of the last few sessions is analysed to indicate which Elliott wave count looks most likely.
An inside day remains above support and within the channel on daily and hourly charts. The Elliott wave count remains the same.