SP500 technical analysis and NASDAQ analysis for today August 2nd using Elliott Wave Theory- The market chopped lower. Are we still looking for another high?

SP500 Technical Analysis

SP500 Technical analysis is telling us that the market chopped lower on Tuesday but didn’t break support. This means we are still looking for a move up to the 4640-60 area for one final high before turning down. If that is the case we will look to see what kind of pullback we see to determine the target.

However, if they can hold Thursday’s high and break below 4560 then 4530 we would look for the top to be in but in a corrective manner which may mean we are targeting 4300

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ has chopped lower Tuesday but still is above support. From here we are looking for a potentially higher high at 16101 but it may not have enough energy to get there. If they do we look to the pullback to tell the story.

However, if they can hold below the high and break the low at 15484 this would be a strong sign the top is in.