SP500 technical analysis and NASDAQ analysis for today May 15th using Elliott Wave Theory- The market was unable to hold support for the immediate breakout but did hold upper support. Are the bulls still in control?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 was unable to hold support setting up a deeper b wave and potentially a start of a C wave to 4200. If they get that we would look for a b wave pullback and then a bigger C wave to 4320-50.

However, if the bears can take it down below 4088.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ couldn’t quite breakout but is still setup to. As long as it’s above 13003 we can see a direct breakout.

However, if the bears can break the 13003 Then 12800 area and push down we could see a move to the 12500 area more directly