SP500 technical analysis and NASDAQ analysis for today August 4th using Elliott Wave Theory- The market shot lower. Is the top in?

SP500 Technical Analysis

SP500 Technical analysis is telling us that the market continues to hit it’s downside targets. As long as we are below 4560 we are bearish to 4460. We would look for a move to 4491 then a bounce then 4460.

However, if they push back over 4560 we can see a bounce toward 4590 and if they break that 4650

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ moved down to the 1.0 ext and bounced back up to the pivot. This is standard behavior for an impulsive move. As long as we stay below 15562we are bearish to 14763.

However, if they can push back over 15562 we could see a bounce to 15800