Another strong upwards day continues price towards the Elliott wave target.
Yesterday’s analysis expected a short-term pullback or consolidation. A small range downwards day fits this expectation.
Today’s signals from the AD line and inverted VIX indicate a likely direction for price tomorrow.
A little more downwards movement was expected before the upwards trend resumed. With price moving higher on Monday, the upwards trend may have resumed more quickly than expected.
Upwards movement was expected to begin the new week. The Elliott wave target remains the same. The breakaway gap continues to provide support.
An inside day closes red. Upwards movement was expected today. Price remains above the short-term invalidation point, and the session ended strongly.
An upwards breakout from a consolidation was expected. The Elliott wave target remains the same.
The main Elliott wave count has very strong support from classic technical analysis, particularly the AD line.
Price remains range bound with resistance about 2,940 and support about 2,920. The breakout is still expected to be in the same direction. Targets remain the same.
A sideways inside day to end the trading week leaves both Elliott wave counts essentially the same.
Classic technical analysis favours the main Elliott wave count.
A strong upwards day sees the Elliott wave counts swapped over. Targets remain the same.