SP500 technical analysis and NASDAQ technical analysis for today March 10th using Elliott Wave Theory- The bulls found the gas and raced it higher yesterday giving us invalidation to both the upside and the downside on the SP500 and the NASDAQ.

SP500 technical analysis is showing a setup for a bigger ABC that could target 4460 ES. This seems to be the most reasonable path given the fact that we invalidated in both directions. The move up was high enough for wave 4 to enter wave 1 territory which is an invalidation. If they can push over 4460 we may see an attempt at a leading diagonal for 1 of 3 on the SP500.

NASDAQ technical analysis is showing a setup for a bigger ABC as well and it’s structure actually lines up better as the C wave of 4 would target the .50 retrace which is a secondary target of a wave 4.

SP500 technical analysis and NASDAQ technical analysis using Elliott Wave Theory is also telling us that if they want to move it lower on both charts it will likely be an ABC diagonal for wave 5.