SP500 technical analysis and NASDAQ analysis for today May 2nd using Elliott Wave Theory- The selloff continued as expected down toward our 4000 target area for this move down. Is a bottom just around the corner?

SP500 Technical Analysis

SP500 technical analysis is telling us that the move down on Friday was likely all of 3 of 5. It may need one more low but then we would expect a bounce toward teh 4188-4210 region for wave 4 of 5 on the SP500. If it rallies up above the 4235 area it would invalidate the count and we would reassess where we are at that point.

SP500 technical analysis using Elliott Wave Theory is also telling us that if the rally exceeds the black pivot and targets the 4400+ region we have to be alert for the red count or an ending diagonal in wave 5 up to play out.

NASDAQ Analysis

NASDAQ analysis is telling us that the NQ is looking to bounce up to the 13089-13176 region for it’s wave 4 of 5 before finally pushing lower toward 12500-12250.