Elliott Wave Theory in SP500 and NASDAQ Technical Analysis on September 6th – Discover the latest insights as we apply Elliott Wave Theory to SP500 and NASDAQ for today’s market trends.

SP500 Technical Analysis

In our SP500 technical analysis, we observe a recent consolidation around the 1.236 level, which has now transformed into the expected pullback. The 4449 level holds significant importance for the bulls to sustain the upward momentum. If this level is maintained, we anticipate a move towards the 4585 area.

However, should the 4449 support be breached, a more substantial pullback towards the 4260 area is anticipated.

NASDAQ Technical Analysis

In NASDAQ’s technical analysis, we note that the NQ exhibited positivity while the broader market experienced a downturn. A clear 3-wave structure off the top suggests that the pivot will likely hold in the 15241 area. In such a scenario, our target would be the 16050 area.

Conversely, a breakdown below the 15241 support level would shift our attention to the 14250 area, which becomes the next critical level to monitor.

Stay tuned for more insights and updates on SP500 and NASDAQ technical analysis as we navigate today’s dynamic market trends.