SP500 technical analysis and NASDAQ analysis for today August 30th using Elliott Wave Theory- The bulls breakout over last weeks high. Is it off to ATH’s?

SP500 Technical Analysis

SP500 Technical analysis is telling us that the market broke out over last weeks high and now we have clear parameters. If the bulls can stay over 4449 then pressure remains up towards 4800. This will require a big extension in wave 3.

However, if they give us a break of 4449 in 5 waves we are looking at the 4200 area.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ also broke out and took out last weeks high but remains under it’s 1.0 at 15550. If they can hit that number then we have clear parameters where as long as the bulls can hold over 15241 then we are bullish to the 16500 area.

However, if at any point we see a 5 wave breakdown, we can see the 14000 area.