SP500 Technical Analysis 5-26-23 (Elliott Wave Theory)

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SP500 technical analysis and NASDAQ analysis for today May 26th using Elliott Wave Theory- The bulls rally strongly into resistance. Can they blow the top off or pullback?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 shot higher yesterday and does have a potential 1,2,i,ii setup. If they follow through we can see a direct move toward 4200. They can also take a direct route higher if they blow through the 4220 level on the SPX. Should that happen we could see a more direct move to the 4250-70 area.

However, if they break down below 4118 SPX we could see the start to a melt down.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ rocketed higher to the 14030 level. It's high enough that the potential for a move directly higher toward the 14300 could happen. We would confirm that with a break over 14175. If they can do that we could see a blow off top.

However, if they fail to break out and break below 14677 we may have topped in the B wave.

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 Facebook and our website linked above.

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[andybennett]

Great analysis Jacob - you really have been spot on since October 2022

[BigErnieBrown]

Hello, So correct me if I'm wrong. NQ 1 wave 4 pullback is approximatley 13750 area and then wave 5 to at least 14500 area?

[paulc]

Whats your opinion after this 4300 a lot of people are saying its the year target....Big fall off?

[MindOverMatterBjj]

i thought wave 3 has to be larger than wave 1 to validate the pattern

[kalestanforde]

hated this rally from the bottom, Still profitable, but Nvidea messed up the qqq for additions near the lows. Anyway i believe Nvidea has topped.

[willaerley]

I just can’t trade for a final run higher in QQQ. AI investment is making money for Nvidia, but at the expense of other tech companies. They can’t all be winners like the market portends. Me and my silly logic.