$IBC-MAC IBEX 1 Hour Elliott Wave Analysis 6.11.2014

Preferred view suggests dip to 10667 completed wave B of Y. Index can reach as high as 11403 to complete wave ( W ). Index should then do a larger 3 wave pull back and resume the rally. Risk / Reward ratio is not great for longs here so we don’t like chasing strength at current levels or selling the Index in any degree. We like waiting for the current cycle to complete and buy ( X ) wave dip in 3, 7 or 11 swings when it is seen.

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