SP500 Technical Analysis 8-23-24 (Elliott Wave Theory)

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Welcome to the captivating world of SP500 technical analysis, where we unlock the secrets of the market using Elliott Wave Theory. Join us on this journey as we delve into the latest insights and trends shaping today's trading session.

SP500 Technical Analysis

In our SP500 technical analysis using Elliott Wave Theory the market traded up to our 5665 area and rejected falling back down to the 5581 support. In order for a full pullback to take place we would want to see a break of 5540 on the way down to 5400-5350. If that pullback is 3 waves and holds support we would expect a move to ATHs after that. If they take out 5665 directly we would look for a move directly to ATHs

If they give us a 5 wave pullback then we would look at a possible bearish outcome but only if we see 5 down.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ also dropped strongly and into its support below at the .618 fib. Now we need to see a break of 19397 in order to confirm a bigger pullback. Assuming that pullback is 3 waves I would look to the 18700-400 area for the pullback. If they take out Thursday's high directly that points directly to ATHs.

If the pullback shifts into a 5 wave move we would look to be more bearish and look for a corrective bounce.

Stay Informed with Elliott Wave Theory

As we continue our journey through SP500 and NASDAQ technical analysis, guided by the powerful Elliott Wave Theory, our goal is to keep you well-informed about the market's ever-evolving trends and the abundant opportunities it offers. Think of it as having a trusty compass in the vast sea of trading, helping you navigate through the dynamic landscape of today's financial markets.

So, stay tuned for more updates and insights, and may your trading journey be as thrilling as the markets themselves.

SP500 technical analysis and NASDAQ analysis using Elliott Wave Theory is the most accurate way to define targets for the market. Check us out on Instagram and our website linked above.

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