SP500 technical analysis and NASDAQ analysis for today October 12th using Elliott Wave Theory- The market traded lower as NQ broke the low again but ES did not. Without any changes in our overall counts we give a big picture update.

SP500 Technical Analysis

SP500 technical analysis is telling us that the we may have to start to concede that the super cycle wave III top is in and we are starting a very destructive and drawn out wave4 that will take the market to dark places. It’s something that I talked about in my big picture video after completing this wave and it will likely last for many years.

NASDAQ Analysis

NASDAQ analysis is telling us that the the overall correction for the NQ could be worse from a % standpoint but should follow a path similar to that of the S&P 500. I am now looking for us to rally setting up a nasty selloff for the first part of this correction.