SP500 technical analysis and NASDAQ analysis for today August 7th using Elliott Wave Theory- The bears face a test after pushing lower. Can they pass?

SP500 Technical Analysis

SP500 Technical analysis is telling us that the market continues to hit it’s targets. After testing the pivot the market came up just shy of the 1.618 target at 4491. Now we look for a bounce to 4542 then a move down to the 4460 area.

However, if they push back over Friday’s high then it looks like a bigger ABC towards 4600 before a C wave down from there.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ pushed over the pivot which means the move down won’t be an impulsive move to start. From here we would look for a bounce to the 15800 area before another move down. If that move is 3 wave it favors the bears.

However, if the move down is 5 waves it favors the bulls.