SP500 technical analysis and NASDAQ analysis for today December 1st using Elliott Wave Theory- The bulls reverse the market in a big way giving way to the path higher to complete the full 5 waves up.
SP500 Technical Analysis
SP500 technical analysis is telling us that the bears tried to push lower but failed at key support and the bulls reversed the market hard taking them to over the wave 3 high and giving us a full 5 waves up. We are now looking for a topping pattern and the start of a 3 wave pullback toward 3700-3800.
However, a break above 4150 would indicate we could be in a larger wave 3.
NASDAQ Analysis
NASDAQ analysis is telling us that the NASDAQ reversed to the upside and is getting close to taking out it’s wave 3 high. We would expect a push up toward 12200 where we would look for a topping pattern and the start of a 3 wave pullback toward the 11100 area.
However if they break directly above 12500 then it could indicate we are in a larger wave 3
