SP500 technical analysis and NASDAQ analysis for today December 6th using Elliott Wave Theory- The market sold off and broke Friday’s low. This could be an indication that we have started the pullback we have benn looking for.

SP500 Technical Analysis

SP500 technical analysis is telling us that the market broke below Friday’s low. This is an indication that we could be starting the pullback we have been looking for. From here we would expect a completion of the bigger A wave and then a B wave toward 4030 and a C wave down to 3800.

However, if they are able to hold 3981 and get an impulsive bounce we could be headed to 4300 in the near term.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ sold off but held Friday’s low. We’ve been expecting a drop toward 11100 and this could be the start to that. We would expect a continuation of the drop to the 11680 area then a bounce and then a move down toward 11100

However if they 11680 and get an impulsive move up they can head to 13000 more directly.