SP500 technical analysis for today January 24th using Elliott Wave Theory- The market gave a sold off to end the week causing all of the media to lose their minds and call for the end of the bull market. We are looking for more downside but only as a correction before heading higher as we predicted this move over 6 months ago. Right now we are looking for a bounce. If they can take out 4520 ES then we look for a b wave to 4650 ES on the SP500. But if they fail at 4520 we likely have a sell off down to 4300 ES.

SP500 technical analysis using Elliott Wave Theory is also telling us that if they push through the 4520 in impulsive fashion we could be starting wave 1 of 5 of 3 that ultimately targets 5500 ES on the SP500.