SP500 technical analysis and NASDAQ analysis for today August 17th using Elliott Wave Theory- The bears break the pivot. Is it trou-bull in paradise?

SP500 Technical Analysis

SP500 Technical analysis is telling us that the market broke down through the pivot as expected and the bulls are running out of places to fight back. The July lows are next followed by 4388. If the bulls are going to bounce the market that would be the likely place. The expectation is for the market to push through the 1.0 on its way to 4352 and the 1.236 and 21 ema on the weekly.

However, if they hold the 4388 area and bounce with a 5 wave move the bulls can take back control of the market

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ held support and pushed higher as expected. From here we would look for a wave 4 bounce in the diagonal setup then 5 down towards the 14747-800 area.

However, if they break Back over yesterday’s highs then it’s likely we are bouncing towards 15600