NASDAQ and SP500 technical analysis for today February 14th using Elliott Wave Theory- The NASDAQ and SP500 both sunk Friday breaking key levels and giving us a start to wave 3 of C down. This was the bearish path we highlighted in the video Friday.

For the SP500 we would expect a continued move lower toward the 1.618 ext at 4315 ES. They will have support at 4362 ES and 4344 on the SP500. If they push through the top of the pivot at 4440 this can take on a more complex structure.

For the NASDAQ we are looking for a down toward the 1.618 ext at 13957. But they will have support levels at 14148 and 14075. Following a similar path to the SP500.

NASDAQ and SP500 technical analysis using Elliott Wave Theory is also telling us that the current structure off of the lows is corrective so we wouldn’t expect a bounce over the pivots but if they do we have a more complex structure.