SP500 technical analysis and NASDAQ analysis for today June 23rd using Elliott Wave Theory- The market holds support and is now looking to bounce. Are the bulls back?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 held support and started to bounce. It’s bounce should target the 4400-4425 area before seeing a move down. This would either be a wave B or 2 depending on the overall move afterthe bounce.

However, as long as they are below 4386 the door is open to a move directly lower.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ tested support below and bounced off of that support. It is looking for an ABC bounce to the 15280-355 regions. Assuming they hold there I would look for a move down in a wave 3 or a C wave depending on overall structure.

However, it is possible for a direct move down as they have hit the 50% retrace already.