SP500 technical analysis and NASDAQ analysis for today November 8th using Elliott Wave Theory- The market has held support and is trying to breakout in a 1,2,i,ii setup. Will the bulls follow through?

SP500 Technical Analysis

SP500 technical analysis is telling us that the market broke out of a 1,2,i,ii setup and hit the 1.0 ext. We would like to s see it continue higher toward 3833 before seeing any substantial pullback. From there we would like smaller pullbacks and continued pushes higher.

However, if they to move higher, we could have a C wave down toward 3600 SPX

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ is struggling to break out in the same way as ES. It is tracking as a diagonal currently but they aren’t trustworthy. If they can follow through we would look toward the 11200 to complete the diagonal.

However if they fail we could see a new low around 10200-9500