SP500 technical analysis and NASDAQ analysis for today Sep 28th using Elliott Wave Theory- The June lows broke. Now the question is, how low can we go?

SP500 Technical Analysis

SP500 technical analysis is telling us the bears have dropped the market down to the 3623 area in the overnights. We would expect a small bounce from here and then a move to 3580 if the red count is playing out.

However, if they break directly lower and break 3580 then 3516 is the next target and the blue count moves to the primary.

NASDAQ Analysis

NASDAQ analysis is telling us that the market is a little behind the ES in its fall. This makes me think the blue count might show it’s face still but because of the ES we are keeping the red count the primary. We would expect a drop to the 11000-10784 area then a bounce in wave 4 from there.

However, if they drop directly lower to the 10657 level the blue count becomes the primary.