While investors are wavering weather the corrective rebound off the June 4 low is over or if this move belongs to the initial stage of a new uptrend, I am in the camp of considering that price is unfolding a Double Zig Zag, hence if my short term scenario plays out there is one more pending impulsive or ending diagonal wave (c) that will establish the top of the countertrend rally wave (B). Hence once the wave (B) is in place I expect the resumption of the intermediate down trend with a wave (C) down. This assumed down leg that should extend into August may be the candidate to establish an important bottom.
The good news is that the majority of European & US indices are synchronized as they are unfolding the same EWP from the June 4 low; hence we have a wave (B) in progress across the board.
Lets go to the IBEX chart and the Double Zig Zag option.
If price is unfolding a Double ZZ then we need a 7 -wave up leg = (ABC=W; X; ABC=Y) then price is now involved in establishing the wave (B) of the second Zig Zag
The wave (B) has to establish a bottom in the range 6895 - 6770 or it MUST not breach the rising trend line support.
Once the wave (B) is in place I expect the last wave (C) up that will complete the corrective rebound off the June 4 low.
The equality target for the wave (Y) is at 7484 but since the internal structure of the rebound could be shaping a bearish rising wedge probably the pending wave (C) could top in the range 7305 - 7373
The April 18 gap down at 7373,3 where we also have the 100 d MA could be the "sweet spot" for the top.