NASDAQ and SP500 technical analysis for today February 16th using Elliott Wave Theory- The NASDAQ and SP500 both launched over the pivot then traded sideways for the rest of the day. This gives us many options as to the possible paths we could take.

For the SP500 we could see a move higher in wave 2 of 3 toward 4530 ES before coming back down in wave 3 of 3. We also have the potential for a diagonal and a triangle on the SP500.

For the NASDAQ we are looking more for a wave 5 of 3 down or a triangle to play out. The wave 2 scenario for the NASDAQ doesn’t fit as well because it projects too deep.

NASDAQ SP500 technical analysis using Elliott Wave Theory is also telling us that we should ultimately expect another test lower. If they break through they can finally end this long correction in wave 4 on the SP500 and NASDAQ