SP500 technical analysis and NASDAQ analysis for today January 11th using Elliott Wave Theory- The market held support and rallied and now faces a critical junction. Will the bulls or bears take control from here?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 sold down into the 3895 support area where it rallied and pushed to the .618 retrace. This is a critical area as it’s a typical wave 2/B target but could also be A of 5 up. If we have A up then they should hold over yesterday’s low and take out yesterday’s high to indicate a move toward 4000

However, a move below yesterday’s low would likely be a push to at least 3850

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ is a little more straight forward than the ES. We are pulling back in either a wave 4 or a wave 2. If yesterday’s low holds and they take out the yesterday’s high we should push toward 11500+

However a break yesterday’s low would point to 10992 as next support