Upwards movement continued throughout this week as expected.
A more time consuming correction was expected to have begun after yesterday’s downwards movement. Downwards movement was expected to continue although it has reached below expected support at 3,081.
The S&P 500 has continued to make new highs this week exactly as the Elliott wave count expected. There is underlying strength in this market with rising breadth and new all time highs from On Balance Volume. Elliott wave targets remain the same.
A very little downwards movement was expected for the short term. A small range inside day mostly fits the expecation.
A pullback or consolidation was expected to continue for the short term. Monday’s downwards day fits this expectation.
Price remains range bound and all three Elliott wave counts remain valid.
A new low at the open of the session invalidated the main Elliott wave count and gave confidence to the alternate. At that stage, the target for downwards movement was 2,842.28. The low for the session was at 2,822.