NASDAQ and SP500 technical analysis for today February 11th using Elliott Wave Theory- The NASDAQ and SP500 both sunk Thursday breaking key levels and giving us a 5 wave move down. This was the bearish path we highlighted in the video yesterday. Now the posture of the market changes for both the SP500 and the NASDAQ.

For the SP500 we would expect a bounce in the 4442 region toward the 4511-4538 region in 2 of C. However if they break below 4438 it opens the door to a direct path lower toward the 4150 ES region.

For the NASDAQ we are looking for a bounce off the 14492-14360 region up to the 14706-14838 area followed by a move lower. However if they break below 14360 we can see a more direct move down.

NASDAQ SP500 technical analysis using Elliott Wave Theory is also telling us that if the if the bulls want to take back control they need a 5 wave rally to take out the recent highs.