IBEX short-term Elliott wave view suggests that a rally to 9668.31 high ended intermediate wave (X) bounce. Down from there, the index made a declined in 5 waves impulse structure. And ended Minor wave A of a zigzag structure at 8850.20 low. Where the lesser degree Minute wave ((i)) ended at 9471.20 low. Up from there, a bounce to 9542.80 high ended Minute wave ((ii)) as a Flat structure. Below from there, a decline to 8971.30 low ended extended Minute wave ((iii) in lesser degree 5 waves. A bounce to 9120.80 high ended Minute wave ((iv)). Finally, a decline to 8850.20 low ended Minute wave ((v)) & also completed the Minor wave A.
Currently, index is doing a Minor wave B bounce to correct the cycle from 9668.31 high in 3, 7 or 11 swings before decline resume. Where initial bounce to 9139.60 high ended Minute wave ((a)) of a possible zigzag correction and Minute wave ((b)) ended at 8967.20 low. Near-term focus remains towards 9256.55-9435.80 100%-161.8% Fibonacci extension area to end the Minute wave ((c)) of B. Afterwards, the index is expected to resume lower in Minor wave C of (Y) or should react lower in 3 swings at least. We don’t like buying it as the right side stamp is lower & calling more downside against 9668.31 high.