SP500 technical analysis and NASDAQ analysis for today August 25th using Elliott Wave Theory- The market found support overnight and appears to be bouncing in a potential wave iv up. Will we get the wave v after?

SP500 Technical Analysis

SP500 technical analysis is telling us that the market is bouncing off the 4111 low in an ABC pattern that targets the 4180 level which is also the .382 retrace and a perfect target for a wave iv. If that is the case we would look for the market to fail there and drop down toward the 4080-4100 levels in wave v. At that point we would need to assess the next bounce to see if we are in wave b or wave 5 higher toward 4400.

However, if they break over 4180 directly we would have to consider the possibility that wave A/4 is done.

NASDAQ Analysis

NASDAQ analysis is telling us that they have a bounce setup in an ABC toward 13126 for a wave iv. This is also in line with the .382 retrace which isat the 13111 level so we would expect a drop in wave v from there toward the 12600-12750 levels.

However, if they break above 13126 directly we may have to consider we are in wave b or 5 up and wave A/4 is done.