SP500 technical analysis and NASDAQ analysis for today April 6th using Elliott Wave Theory- As expected C started yesterday and was a bit aggressive moving in a bit of a straight line not giving us the wave 2 bounce we would expect.

SP500 technical analysis is telling us that the move down is cloudy based on the lack of a standard wave 2. Now we need to see a pullback to give us an idea of where we are in this C wave. If it’s a higher bounce up toward the 4548-4569 ES Level than that would be 2 of C. However if it’s a lower bounce in the 4532-4545 level it’s likely 2 of 3 of C on the SP500.

NASDAQ analysis is telling us that the move down is cloudy based on the lack of a standard wave 2. Now we need to see a pullback to give us an idea of where we are in this C wave. If it’s a higher bounce up toward the 14984-15098 Level than that would be 2 of C. However if it’s a lower bounce in the 14877-14930 level it’s likely 2 of 3 of C.

SP500 technical analysis and NASDAQ analysis using Elliott Wave Theory is also telling us that if the pivots can’t hold that is an indication of a failed move higher and we could see lower lows pretty quickly.