SP500 technical analysis and NASDAQ analysis for today August 11th using Elliott Wave Theory- The market popped but failed at resistance and sold off. Are the bulls on summer break?

SP500 Technical Analysis

SP500 Technical analysis is telling us that the market spiked higher but ultimately sold off back toward support. Now the bulls are being tested. We can see a move lower to the 4450 area and if they do and hold we target 4560-4600

However, if they break down below 4450 the door is open to the 4410 area.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ couldn’t push over resistance and is likely making a wave 5 lower. If that is the case we should look for a bounce to the 15600-850 area. From there we will find out a what kind of pattern we may be in.

However, if they break below 14985 the door opens to 14763