SP500 technical analysis and NASDAQ analysis for today November4th using Elliott Wave Theory- The market continued lower in the more direct move into the support region. Can the bulls hold?

SP500 Technical Analysis

SP500 technical analysis is telling us that the market took a more direct path higher moving down into the start of the support region. From there we saw a bounce and we may be seeing a wave 4 play out if they can take it to 3780. If they break yesterday’s low before a rally then it’s likely 4 is done and we are headed to support near 3665.

However, if they push directly higher to over 3800 then we could be starting C

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ is sick and may need a new low. It hasn’t rallied as hard or held support as well as the SP500 and is threatening to break it’s lows. If it does we target the 10200-10000 region.

However it is possible they can hold support and start the C wave higher.