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.
Price continues to move higher towards the targets. Targets remain the same.
A very short-term pullback was expected to begin this session. While the session did make a lower low, price overall has moved higher and the target for the pullback was not met.
Downwards movement has indicated that an alternate Elliott wave count is now more likely.
Today’s signals from the AD line, VIX and candlesticks are used to determine tomorrow’s most likely direction.