A larger range day moves price overall higher, which fits expectations for the main Elliott wave count.
A slightly lower low and a small range day mostly fits short term expectations.
A downwards day, which does not make a new low, still fits overall with the bigger picture. At the end of the week, the main Elliott wave count is unchanged at the daily chart level.
Another upwards day fits expectations, but the technicals are a concern for the very short term.
Yesterday’s signal from On Balance Volume that caused concern for the main Elliott wave count is now negated. The main Elliott wave count has support from classic technical analysis.
A slightly downwards day closes as a doji, and downwards movement remains above the short term invalidation point.
With New York closed for Memorial Day, a quiet session saw price move a little lower but remain above the invalidation point on the hourly chart.
A signal from On Balance Volume at the end of this week now offers support to the main Elliott wave count at weekly and daily time frames.
Strong upwards movement fits the main Elliott wave count. This was expected to show up sometime this week or early next week.