SP500 technical analysis for today January 20th using Elliott Wave Theory- The market continued to sell off yesterday breaking the 12/20 4520 ES low as expected then has so far found a bottom at 4514 and bounced. If this bounce holds we would look for it to break 4577 then 4600 to suggest we are in the B wave moving higher.

SP500 technical analysis using Elliott Wave Theory is also telling us that if they can’t hold the bounce and take out the 4491 ES low then it is likely we are in a direct move down in C and target 4480-4450 ES.