SP500 technical analysis and NASDAQ analysis for today May 23rd using Elliott Wave Theory- The market chopped sideways as we await the next move. Are the bulls still in control?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 moved up to it’s ideal target area for the A wave higher. Now we would expect a pullback in the B wave toward the 4150 level. It is possible to see a direct move to the 4300 area from here but a pullback is the most reasonable path.

However, if they break below 4118 then we may start the move down to 3800

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ has been consolidating for 2 days after it’s rip higher. we would now like to see a pullback to the 13500-600 area to complete wave 4 then wave 5 higher toward 14060-14400

However, the bulls can push directly to 14060 before the pullback.