Short Term Elliott Wave View in IBEX suggests rally to 12040.79 ended wave ((3)). Wave ((4)) pullback is currently in progress to correct larger degree cycle from 3.20.2023 low. Internal subdivision of wave ((4)) is unfolding as double three (W)-(X)-(Y) where wave (W) is now unfolding as a zigzag. Down from wave ((3)), wave (i) ended at 11682.7 and rally in wave (ii) ended at 11959. Index extended lower in wave (iii) towards 11621.7 and rally in wave (iv) ended at 11716.9. Final leg wave (v) ended at 11616.6 which completed wave ((i)). Rally in wave ((ii)) ended at 11891.80.
The Index then extended lower in wave ((iii)) towards 11462.2 and wave ((iv)) bounce ended at 11667. Final leg wave ((v)) ended at 11295.2 which completed wave A. Wave B rally is now in progress to correct cycle from 10.17.2024 high with internal subdivision as a zigzag. Up from wave A, wave ((a)) ended at 11672 and pullback in wave ((b)) ended a 11428.3. Expect wave ((c)) of B to fail below 12040.79 for further downside. Potential target is 100% – 161.8% Fibonacci extension of wave ((a)). This area comes at 11800.3 – 12030.1 before the Index turns lower.
