SP500 technical analysis and NASDAQ analysis for today August 21st using Elliott Wave Theory- The market dives and recovers. Can the bulls fight back?

SP500 Technical Analysis

SP500 Technical analysis is telling us that the market Came down to 4350 as expected and bounced. Now the question is can the bulls follow through? If so we would look for them to bounce to the 4425 area and then fall back down to 4292.

However, if they hold break back over 4448 then the bulls can take back control of the market.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ has given us 5 down but the 5th wave is getting too long. If they take out Friday’s low we would look at it as an extension in 3 and look for the NQ to test the 14039 area.

However, if the bulls can push back over 15700 we could be looking at new all time highs.