NASDAQ and SP500 technical analysis for today February 24th using Elliott Wave Theory- The NASDAQ and SP500 dropped off a cliff in the overnights down to the 1.382 and 1.618 fibs respectively.

For the SP500 I would like to see the 4215 fib hold and get a bounce to the 4260 area. However, if they can’t hold the 4215 on the SP500 then we could see 4029 next.

For the NASDAQ we are looking for a bounce as well to the 13316 region in wave 4 of C of 5. If we get that we would look for a move down to the 12575 region more directly. If we move directly lower we would look for 12575 next.

NASDAQ SP500 technical analysis using Elliott Wave Theory is also telling us that we have plenty of room and nothing is broken on the corrective move down. We still expect to find a bottom soon and start a rally higher.