SP500 technical analysis and NASDAQ analysis for today April 26th using Elliott Wave Theory- The market fails to breakout and breaks preliminary support. Can the bears follow through?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 is trying to push through support. They broke below 4120 and back down to just below 4100. Now the bulls are against the wall as they need to hold 4084. If the bears break down below 4084 it’s very likely we see the 3950 area in wave E of the triangle.

However, if the bulls can hold over 4084 and take back 4150 then 4175 then we should see a push to 4300

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ has followed through to the downside and hit it’s preliminary C wave target. If support breaks here we would expect the 12400-500 area for a pullback. A B wave bounce may be needed first to the 13100 area.

However, if the bulls can hold support and take back 13100 then 13250 it becomes more likely we look to a new local high.