NASDAQ and SP500 technical analysis for today February 15th using Elliott Wave Theory- The NASDAQ and SP500 both made a lower low and then consolidated for the rest of the day. This is not unexpected given the 2 days of pain last week ended on.

For the SP500 we would expect a move up to 4420 to giveus 4 of 3 on the SP500 followed by a move down toward 4315 ES and the 1.618 extension. We could also see a more direct move down if they already have wave 4 of 3 in place.

For the NASDAQ we are looking for move up in 4 of 3 toward 14411 followed by a push lower to the 13769 2.0 extension. It should push to a deeper extension as the move down hit the 1.382 which was a litter deeper than the SP500.

NASDAQ SP500 technical analysis using Elliott Wave Theory is also telling us that the current structure off of the lows is corrective so we wouldn’t expect a bounce over the pivots but if they do we have a more complex structure.