A very small range inside day breaches the lower edge of a channel that had previously contained all pullbacks. The short-term Elliott wave count is today changed.
A consolidation or pullback was expected to continue and to be relatively brief and shallow. A small range downwards day fits this expectation.
A small range day remains inside last week’s range leaving all three short-term Elliott wave counts unchanged.
The very short-term analysis on the hourly chart expected a little downwards movement for Thursday, which is what has happened.
The upwards trend was expected to continue this week and so far that is exactly what is happening. The Elliott wave target remains the same.
Downwards movement was expected after yesterday’s analysis and that is exactly what has happened. Targets remain the same.
A small bounce to end close to 2,717.15 was expected for Monday. Upwards movement has reached slightly above this to a high at 2,718.05 for the session.
The 200 day moving average has rolled over today. It is again positively sloped.
The alternate Elliott wave count has been invalidated, which gives further confidence in the main Elliott wave count.
A small downwards day remains well above the short-term invalidation point. Today VIX and the short-term volume profile offer support to the main Elliott wave count.
Downwards movement remains above the invalidation point and within allowable limits.