• 10 hours Lunar Mining May Commence As Early As 2025
  • 1 day Immigration Will Go Bust Without $1.2B Bailout
  • 1 day The Economics Of The Space Race
  • 2 days Why The World's Central Banks Aren't Yet Sold On Renewables
  • 3 days How Much More Cash Can Uber Burn?
  • 3 days Inside The Biggest Counterfeit Gold Scandal In Recent History
  • 3 days EU-U.S. Trade Relations Are Deteriorating
  • 4 days Over 184 Companies Have Bailed On Facebook
  • 4 days BP Sells Petrochemical Business For $5 Billion
  • 4 days U.S. Moves To Secure Domestic Rare Earth Supply
  • 5 days E-Commerce Explodes As Boomers Go Digital
  • 5 days Major U.S. Cities Are Turning To Renewables
  • 6 days Economic Reopening Backfires, COVID Surge Snaps Recovery
  • 6 days How Are Low Car Sales Impacting The Metals Market?
  • 7 days Are Gold Stocks Still Undervalued?
  • 7 days Singapore's $3 Billion Oil Trading Scandal
  • 8 days Luxury Clothing Isn’t A Priority As Americans Grapple With COVID-19
  • 8 days Natural Gas Demand Hits 25-Year Low
  • 9 days Gold Inches Towards $1,800 As Investors Pile Into ETFs
  • 9 days The War On Gold Has Begun
What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

TheWaveTrading

TheWaveTrading

TheWaveTrading

My goal is to establish the most likely path that the price of a particular asset will undertake and profit through ETF instruments both on…

Contact Author

  1. Home
  2. Markets
  3. Other

IBEX: The Next to The Last Elliott Wave Pattern?

Brief update:

A Triangle always precedes the final up leg of an Elliott Wave Pattern. The thrust following the contracting pattern ends a move.

It is possible that IBEX is forming a Triangle provided price does not breach the March 14 low located at 9703.10.

If the Triangle pans out the following thrust should have as a target the range 10950 - 11070 (Approximately).

IBEX Daily Chart
Larger Image

I have labeled the thrust as a wave (Y) since in my opinion it would conclude a Double Zig Zag from the July 2012 low.

IBEX Weekly Chart
Larger Image

The good news is that IBEX has more business to the upside.

The bad news is that, if my preferred long term Elliott Wave Count is correct, the corrective advance from the July 2012 low will establish the second wave (B) of a Double Zig Zag from the November 2007 high. The following down leg is expected too retrace the entire advance and even establish a lower low.

IBEX Monthly Chart
Larger Image

When a pattern is expected to establish a major top I always check if the weekly momentum indicators are displaying a negative divergence.

There is no need to comment the following chart:

IBEX Weekly Momentum Chart
Larger Image

 

Back to homepage

Leave a comment

Leave a comment