Elliott wave count for SPX and Nasdaq

Good day to all. Today I will share with you my Elliott wave counts for SPX and NASDAQ with what I believe is the most probable scenario.

SPX

NASDAQ

Both exhibit 5 wave structures that are complete or near completion. We could have another extension of wave 5 higher towards 2840 for example in SPX, but overall traders should now focus on shorting this market rather than chasing prices higher. Both are expected to make a pull back at least towards the previous degree wave 4 area. This means 2770-2760 for SPX and 7320-7215 for NASDAQ.

 

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