SP500 technical analysis and NASDAQ analysis for today Sep 27th using Elliott Wave Theory- The bears have dropped us to retest the June lows. Is it time to break through?

SP500 Technical Analysis

SP500 technical analysis is telling us the bears have dropped us to our 3650 area we spoke about in our last video. Now the question is do we get a direct move lower or do we get a small bounce first? If the bulls are looking to bounce they want to overtake Monday’s high and push toward the 3789 area for a wave iv of 3.

However, if they break directly lower and break the June lows we would look for 3579-16 depending on if we are in the red or blue counts.

NASDAQ Analysis

NASDAQ analysis is telling us that the market didn’t quite hit it’s 1.236 target and is in the pivot for the blue count. If they want to bounce they can push as high as 11699 for a wave iv of 3.

However, if they drop directly lower we can see 10784-10657 depending on if we are in the red or blue count.