SP500 technical analysis and NASDAQ analysis for today November 3rd using Elliott Wave Theory- The market moved lower into the FED then tried to breakout and failed lower. Are the bulls done?

SP500 Technical Analysis

SP500 technical analysis is telling us that the market was unable to breakout and ultimately fell through support. This puts us most likely in our B wave scenario. In that case the market could extend lower directly toward the 3711-3685 support are. We could also see a B of B bounce to the 3880 area before we see a C wave down to support.

However, if they push directly higher to 3940+ then we have a 5 playing out.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ is looking worse than the SP500 and has fallen down into support again. From here we would look for support to hold and push higher in a C wave toward the 12177-12470 area.

However it is possible they have a leading diagonal off the lows that would lead to a more bullish structure.