SP500 technical analysis and NASDAQ analysis for today December 7th using Elliott Wave Theory- The market sold off again in our expected pullback but still looks like it has further to go. In the video we explain why we need to bounce first and where we head from there.

SP500 Technical Analysis

SP500 technical analysis is telling us that the market broke down and continued it’s selloff and appears to have 3 waves of C down. From here we would look for a bounce toward the 3875 area in a wave 4 and then a wave 5 down to the 3880 area. From there we would look for a bounce back toward 4k.

However, if they are able to break over 4015 then it’s likely a b wave and we should look for a big selloff from the 4015-4034 area.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ continued to selloff in what appears to be 3 waves of C. From here we would expect a bounce toward the 11696 area for a wave 4 then a wave 5 down to 11300. From there we would look for a B wave bounce toward 11755

However if they break directly above 11823 then it would more likely be a B wave and we would look for a selloff from the 11823-11899 area,