SP500 technical analysis and NASDAQ analysis for today March 3rd 2023 using Elliott Wave Theory- The market dropped then popped as the bulls defend the trend line. Can they follow through?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 gapped below the 200 but couldn’t break the TL as the bulls squeezed the bears out. If they can push it over 4000 then it becomes likely we see the ABC up to 4060-4100 then down to 3800

However, if the bears can reverse this bounce and take out the TL we can see the 3800 area more directly

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ defended the TL and bounced. If they can move over the 12200 area then it’s more likely we trace out the abc up to 12600 then down to the 11400-11200 area. However, if they can reverse the bounce we could see the 11200 area more directly.