SP500 technical analysis and NASDAQ analysis for today August 29th using Elliott Wave Theory- The market continues to grind toward resistance. Are the bulls ready to break out?

SP500 Technical Analysis

SP500 Technical analysis is telling us that the market was up on Monday in a slow overlapping grind. We will use last weeks high and low as a barometer for the market. If they bears can hold 4460 and push lower how far they drop will matter. A move to the 4280-4300 area would signal a leading diagonal down where a move to the 4200 area would signal an ABC down that is concluding.

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.