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

Preferred view suggests wave ((w)) of Z completed at 11618. Pull back in wave ((x)) is favored complete @ 11290. Wave (w) ended at 11771, wave (x) also appears completed an 11616 with a perfect test of equal legs down from (w) high. Ideally price should now hold above this level for continuation higher toward 12055 - 12235 area to complete a cycle from 3/26 low. If 11616 low breaks, then 11586 - 11548 would be next area to complete wave (x) from where it should still resume the rally as far as pivot at 11290 (3/26) low remains intact. We don't like selling the Index in any of the proposed pull backs.

IBEX Short-Term Elliott Wave Analysis Chart
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