SP500 technical analysis and NASDAQ analysis for today August 28th using Elliott Wave Theory- The market slowly grinds higher on Friday. Did the bears miss their chance?
SP500 Technical Analysis
SP500 Technical analysis is telling us that the market up on Friday after giving us a 4,5. We are now watching 2 very key levels. Last weeks high and low. If they breakdown below the low we watching the 4300-4280 level for the potential leading diagonal count.
However, if they give us a break over the high we are looking at the potential move to 4800+
NASDAQ Analysis
NASDAQ analysis is telling us that the NASDAQ also gave a 4,5 then pushed higher. Now we are watching 2 key levels. Last weeks high and low. If they breakdown below the low we could see a meltdown in NQ where 14000 must hold.
However, if the bulls can breakout over last weeks high then we the potential to see the 16500-17000 area in wave 5 of 3.
