I was wrong in expecting a larger wave (C) down off the July 3 peak.

We have to respect the option that the wave (C) was shallow and truncated on July 25

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From the July 25 truncated low we can count an impulsive up leg that may have topped at the 200 d ma.

If SPX June 4 low holds then the IBEX should unfold a corrective down leg that should not breach the 6700 are.

So for the time being we have to wait for the confirmation that the wave (5) is in place by closing last Thursday´s gap at 7417.30 and then see if the pull back is corrective.

And if my long term count (I posted an up date in the Equity Europe Long Term Analysis on June 28) is correct, then price should be involved in unfolding a wave (B) that will have to trace a 3 or a 7 wave price structure.