SP500 technical analysis and NASDAQ analysis for today August 18th using Elliott Wave Theory- The market moves down as expected. Is it time for a bull revival?

SP500 Technical Analysis

SP500 Technical analysis is telling us that the market broke down as expected and is now sitting on a very key level. 4350 is the 1.236 ext of 1 and 2 as well as the weekly 21ema and support just under form last August. If the bulls can’t hold here its disaster. We would expect a bounce off of 4350 to 4425 and then down from there.

However, if they hold break back over 4448 then the bulls can take back control of the market.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ has reached it’s target but we do have 14500 just below which is the 21ema. We could see a test of that then a bounce. We expect the bounce to the 15385 area.

However, if they break 14500 it could be disaster for the bulls