Upwards movement continued as both Elliott wave counts expected. Targets remain the same.
Both Elliott wave counts have targets which expect more upwards movement. A small range inside day does not change the expectation.
The first target at 1,452 was almost met this week with a high at 1,450.65.
Downwards movement was expected to end within a very few hours after last analysis was published and thereafter to be followed by an upwards breakout. Today price has closed above the upper edge of the pennant pattern, but a lack of support from volume so far is suspicious.
A little more downwards movement leaves both Elliott wave counts valid.
All three Elliott wave counts remain valid and two short-term scenarios are considered for members today on hourly charts. Overall, all three Elliott wave counts expect the same direction next but targets differ.
A small consolidation or pullback was expected to begin within this upwards movement. Today that may have arrived, as the short-term expectation for yesterday’s hourly chart anticipated.
An upwards breakout fits the alternate Elliott wave count.
A strong upwards day with support from volume sees price break out of the channel on the daily chart. This necessitates a change in the Elliott wave count.
Downwards movement was expected for Thursday’s session. An inside day sees price remain above identified support and below the Elliott wave invalidation point.
With New York Stock Exchange closed for Good Friday, there is no new data to analyse for Friday’s session. But the weekly technical analysis is updated in this analysis.
Strong signals from On Balance Volume support the Elliott wave count.