SP500 technical analysis and NASDAQ analysis for today February 17th 2023 using Elliott Wave Theory- The market failed to breakout and sold off bringing our alternate count to the forefront.
SP500 Technical Analysis
SP500 technical analysis is telling us that the SP500 failed to breakout causing a selloff to the downside that could allow for a deeper wave 4 in the 3980-4000 area. Then we would look for an ABC to the 4250-4300 areas.
However it is possible to see a hold over the 4060 low and start the C wave higher from there.
NASDAQ Analysis
NASDAQ analysis is telling us that the NASDAQ also failed it’s breakout and sold off. It’s now looking like we could get a deeper wave 4 to the 12100-12000 region. From there we would look for a move back to the 13300 region
However it is possible to hold the 12259 low and get a C wave up from there.
