SP500 technical analysis and NASDAQ analysis for today March 20th 2023 using Elliott Wave Theory- The market rallied Thursday and sold off Friday. Should we be looking higher?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 gave us a wave 3 high and a wave 4 pullback on Thursday and Friday. Now we would look for the bulls to rally one more time toward the 4030-4050ES area to complete wave 5 and the leading diagonal off of the lows. From there we should look for some sharp selling before another leg higher.

However, if they break last weeks low then we could be in C down that would lead to 2500-2900.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ has held up well in the face of these selloffs and sits in a bullish posture. We are looking for a rally to the 13050 region before the next pullback. Before ultimately looking to the 13400-600 region

However, If they break last weeks low it’s very bearish.