SP500 technical analysis and NASDAQ analysis for today May 18th using Elliott Wave Theory- The bulls try to break out. Can they follow through?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 Took the direct path higher. From here it’s pretty simple. As long as we remain over 4147 the immediate bullish setup to 4200 is in play. From there we would look for a wave B pullback then a C wave toward the 4300+ area.

However, if they break below 4147 we look toward the 4105 area.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ continued it’s march higher and reached the 1.236 ext we’ve been talking about for weeks now. From here it’s pretty simple. As long as we remain over 13329 we remain bullish toward 14060-14400.

However, if the bears can break the 13329 level Then 12800 area and push down we could see a move to the 12500 area more directly