SP500 technical analysis and NASDAQ analysis for today December 16th using Elliott Wave Theory- The market continued it’s nose dive indicating our paths lower are playing out. So where is the bottom?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 should be looking lower but the question is will it be the direct route or the ABC. If the market can stay under 3975 ES then we should be taking a more direct route toward 3800-3700.

However, if they are able to push over 3975 ES then we may be seeing a b wave to the 4030-4060 region first.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ should be looking lower but we need to see if we are taking the elevator or down or if we need to follow the ABC path. As long as they can hold under the 11740 level we should be looking at the 10800-11000 area sooner than later. However if they push over the 11740 levels we can see the b wave bounce first.