SP500 technical analysis and NASDAQ analysis for today November 16th using Elliott Wave Theory- The bulls pushed higher but then sold off. Can they push higher or is this the top?

SP500 Technical Analysis

SP500 technical analysis is telling us that the bulls pushed up toward the 4050 area to extend wave 3 but then sold off most of the day in what looks like a wave iv pullback. If that is the case we would look for them to push toward the 4080 area. If they can hold yesterday’s low we would look for a wave 4 down to 3937-3900.

However, a break below the 3900 area would make us look at a wave B toward 3700.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ pushed up in wave 3 and now it appears they completed wave 4. If so they will look to the 12390 area for wave 5.

However if they fall below 11650 we could see a move lower in wave B to the 11100 area.