SP500 technical analysis and NASDAQ analysis for today August 31st using Elliott Wave Theory- The market grinds higher to the 1.236. Should we be looking lower?

SP500 Technical Analysis

SP500 Technical analysis is telling us that the market continued to push higher to the 1.236 area. From here we would look for the market to pullback and test the pivot. The pivot is at the 4469-49. As long as the market is above 4449 we are bullish to 4800+. A push directly higher moves the would be an indication wave iii of 3 of 1is extending.

However, if they give us a break of 4449 in 5 waves we are looking at the 4250 area.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ couldn’t reach it’s 1.0 extension and we would now expect them to reach that 15550 1.0 but if they don’t the pivot is still active and we would want to see them hold over the pivot at 15241.

However, if at any point we see a breakdown of the pivot, we can see the 14000 area.