Market breadth and volatility are used at the end of this week to indicate the direction for next week. The Elliott wave count continues to have support from rising market breadth in the AD line and declining VIX.
Last analysis expected more downwards movement. The target at 2,354 was met and slightly exceeded.
A new wave count is published for members today. The short and mid-term expectation is mostly the same, but this wave count has a better look at the monthly chart level.
Last analysis expected more downwards movement. The next identified support area is very close by.
Upwards movement has continued as the main Elliott wave count expected.
Upwards movement has unfolded overall as expected for this week.
Yesterday’s analysis expected a bounce for Tuesday’s session. This is what has happened.
Signals from the AD line and VIX at this time are in conflict. On Balance Volume may give a signal tomorrow indicating which of two Elliott wave counts is most likely.
A little upwards movement fits the main Elliott wave count best.
Both Elliott wave counts remain valid.