SP500 technical analysis for today January 21st using Elliott Wave Theory- The market gave a B wave head fake then crashed down into the close and after hours causing many to cry the bull market is over. However, Elliott Wave Theory has had this on it’s radar for sometime. Now we are looking for a bounce and then lower. If the market fails at 4547 ES expect a direct move down form there to 4300-50 ES on the SP500.

SP500 technical analysis using Elliott Wave Theory is also telling us that if they push through the 4550 ES area then we can see a B wave as high as 4660-4720 ES on the SP500