SP500 Technical Analysis 8-28-24 (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 failed to breakdown and shot back to the top of the range as it coils and waits for the end of the week catalysts. If they can break over 5670 we would look to the ES ATH as the next potential stop and through that points to 5800. If the break 5585 we would look to the 5350-5400 area in a B wave before higher.

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 failed a breakdown and rallied back into it's range as it waits for NVDA earnings catalyst after the bell. If they break this weeks low we are likely looking at the 18600-700 area in a pullback and we will have to see what structure we get. Back over 20000 and we likely rally over the .764 retrace and look to new ATHs in the next few days.

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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[blendedplanet]

This is such a great reason why I check your updates. Over the last 3 years I have found your Elliott Wave analysis to be the best view on midterm market moves. For Nvidia to have the positive surprise on earnings and the market DIVES???!? Wtf! There are large buyers who absolutely want a pullback right now and are determined to see it happen, so to ppl just following MAs etc it's very confusing and/or frustrating. Yet, all along the way the EW/fib patterns just play out ...

[noahswarz]

oh boy lol, I just went long for a bounce, not looking good, hope it holds last weeks low

[AndreasJeppsson]

It broke down. Did u short? Would be interesting to see how u entry a trade based on elliot with so many scenarios