SP500 technical analysis and NASDAQ analysis for today August 8th using Elliott Wave Theory- The market bounces right back to our target. Can they hold?

SP500 Technical Analysis

SP500 Technical analysis is telling us that the market continues to hit it’s targets. After hitting the 1.618 it has bounced back toward the 1.0 and must hold under 4553.75. If it stays under that area then breaks 4520 I would look for a move to 4460.

However, if they push through 4553.75 we would look for a bigger abc to play out to the 4570-90 area.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ lagged today and looks like it needs another low to coincide with a move down on ES. Assuming we see that we would look to the 15204 area then a bounce to the 15700 area.

However, if they move directly higher they can bounce as high as 15850.