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IBEX 35 (IBC-MAC) Short-term Elliott Wave Analysis

Preferred Elliott wave view suggests wave "X" connector ended at 10864. Wave ((w)) took the form of a triple three structure & is proposed to be over at 11618. Pull back in wave ((x)) is now expected before rally resumes. Of interest, 50 - 61.8 fib area of ((w)) lies between 11244 - 11157. We don't like selling the Index and expect to see buyers appearing in above mentioned area as far as pivot at 10864 low remains intact.

IBEX 35 Short-term Elliott Wave Analysis Chart
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