A short-term target for a pullback or consolidation was 2,918. Today’s high at 2,916.06 is just 1.94 points short of the target.
A very small range upwards day remains below the prior high and overall fits the short-term picture for the Elliott wave count.
A new high for Monday continues the upwards trend. The Elliott wave count remains the same and the target from the pennant pattern has not yet been met.
While the short-term invalidation point on the hourly chart was breached on Friday, the larger picture remains mostly the same and has support from classic technical analysis.
Now that price has broken above resistance more upwards movement was expected. The Elliott wave target remains the same.
A very small range inside day is inconclusive. The short-term structure on the hourly chart prompts another way to look at the alternate Elliott wave count today.
Today both inverted VIX and the AD line give signals for the next direction of price tomorrow.
Today’s small pullback is analysed for internal strength or weakness. The Elliott wave count is adjusted for the short term while the mid-term target remains the same.
Upwards movement continues as expected and the target remains the same.