SP500 technical analysis and NASDAQ analysis for today April 26th using Elliott Wave Theory- The market dropped over 7% the last 3 days and is now finding some footing around 4196. Now we have some key levels to watch to see if the bulls can keep control.
SP500 Technical Analysis
SP500 technical analysis is telling us that the current bounce needs to hold the 4337 level and push lower for the black count to be valid. If they do we target the 3955-25 region to complete the C wave down. From there we would look for a reversal
SP500 technical analysis using Elliott Wave Theory is also telling us that if the rally exceeds the black pivot we have to be alert for the red count to play out. In this case it would be a sentiment shift in the market and we would be looking much lower.
NASDAQ Analysis
NASDAQ analysis is telling us that the NQ is looking to push higher in a bounce before heading lower and taking out the lows on it’s way to the 12500 region.
