Short term Elliott Wave view on IBEX calls the rally from August 15, 2019 low (8405.39) as a 5 waves impulse Elliott Wave structure. Up from 8405.3, wave ((i)) ended at 8806.4 and wave ((ii)) pullback ended at 8592.70. Index then resumed higher in wave ((iii)) towards 9123.9, wave ((iv)) pullback ended at 8964, and wave ((v)) ended at 9208.90. As the chart below shows, the internal of wave ((i)), ((iii)) and ((v)) also show 5 waves impulsive structure in lesser degree. This illustrates the fractal nature of Elliott Wave Principle.
The 5 waves move from 8405.39 ended wave 1 in larger degree. Index should now pullback in wave 2 to correct cycle from August 15, 2019 low before the rally resumes. Pullback should find buyers in the sequence of 3, 7, or 11 swing for further upside as far as pivot at 8405.39 low stays intact.
IBEX 1 Hour Elliott Wave Chart
