SP500 technical analysis and NASDAQ analysis for today August 11th using Elliott Wave Theory- The market charges higher and continues it’s push overnight. Can we count the bottom as in?

SP500 Technical Analysis

SP500 technical analysis is telling us that the market pushed higher yesterday and is continuing to push in the overnights. There is a stat that says every time the market has pulled back 20% then recaptured 50% of those losses the bottom has been in. We pushed over the 50% retrace in the overnights. I prefer to have confirmation from EWT. SP500 has a next target of 4230 then 4250.

However, our overall outlook remains we need a pullback.

NASDAQ Analysis

NASDAQ analysis is telling us that they pushed to new highs and could target 13500-13600 on this move up. They have only pushed over the .382 retrace of the highs so they don’t have the same confirmation as the SP500.

However, our overall outlook remains we need a pullback.