SP500 technical analysis and NASDAQ analysis for today July 15th using Elliott Wave Theory- The market sold down to just above our support zone and reversed from there. Now the bulls have control and need to follow through.

SP500 Technical Analysis

SP500 technical analysis is telling us that with the reversal off of support and over the bear pivot the bulls are in control and now look to start the C-wave higher to ward 4000. We would look for a continuation up toward 3845 then a pullback to setup a big move in 3 of C.

However, if the market fails it’s breakout and moves lower we could see a diagonal down toward 3636, then 3450

NASDAQ Analysis

NASDAQ analysis is telling us that the current setup is for the C wave higher toward 12550. They also have the triangle in play would move up to the 12170 region and fail back down.

However if they fail the rally and triangle we may see a diagonal down to 10500-600