An inside day closes red. The candlestick for Friday offers a clue as to what looks most likely for Monday.
Again, price continues to move higher as the main Elliott wave count has been expecting for this week. The target is calculated using Elliott wave and classic technical analysis methods.
A small range upwards day completes a significant candlestick pattern. This is analysed today in context with signals from On Balance Volume and the AD line.
For the very short term, for Friday’s session, a pullback to about 2,828 was expected. A pullback did unfold but was deeper than expected, reaching 2,808.
More upwards movement was expected for Tuesday’s session, which is exactly what happened.
Further upwards movement continues as expected with a higher high and a higher low for the session.
The AD line continues to provide reliable signals.
Upwards movement was expected for Monday. A higher high and a higher low fits the definition of upwards movement for Monday’s session, although the range was small.
A slight new low and then a bounce was expected for Friday. The session did not begin with a slight new low, but price did bounce.
The classic technical analysis target was 2,801. This was met with the gap higher today to a new all time high at 2,807.54.