SP500 technical analysis and NASDAQ analysis for today August 15th using Elliott Wave Theory- The market is pushing up trying to start an ABC higher. Is it time to be cautious?

SP500 Technical Analysis

SP500 Technical analysis is telling us that the market held support and spiked higher. From here we would look for a wave 2 toward the 4560-75 area. If we see that we would expect to see the start wave 3 to the downside.

However, if they break down below 4450 the door is open to already be in iii of 3 down.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ held support and pushed higher as expected. From here we would look for a wave 4 bounce in the diagonal setup then 5 down towards the 14750-800 area.

However, if they break below Sunday’s low the door opens to 14763 area for wave 5 directly