SP500 technical analysis for today February 3rd using Elliott Wave Theory- The market rallied again on Wednesday but dropped 50pts immediately after the close giving the first indications a pullback is ready. Now the question is, is it wave 4 of 3 or a bigger pullback in wave 5 of C. The bulls want to hold 4486 ES then push higher toward 4640 ES on the SP500 to complete wave 3 of 1 up.

SP500 technical analysis using Elliott Wave Theory is also telling us that if the bears can break 4455 is is a warning of a bigger move down to come and potentially the start of wave 5 of C down to 4150-4100ES on the SP500