SP500 technical analysis and NASDAQ analysis for today May 8th using Elliott Wave Theory- The market rockets higher. Is it a B wave or a breakout?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 the market rallied hard back over last weeks lows and closed in B wave territory. From here we would look for a move down in an impulsive fashion if we are going to target the 3950 area in the E wave of the triangle.

However, if the bulls can push a bit more and break over 4172 then get a corrective pullback we could see a diagonal finish to the 4300+ area.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ continues to play by the rules better than the ES. It started to move back toward the pivot and a break over 13453 would confirm that we are in 3 of 3 to the upside targeting 13702.

However, if the bears can break the 12925 Then 12800area and push down we could see a move to the 12500 area more directly