IBEX short-term Elliott wave view suggests that a decline to 8850.20 low ended Minor wave A of a zigzag structure. The internals of that decline unfolded as 5 waves impulse structure where Minute wave ((i)) ended at 9471.20 low. Minute wave ((ii)) ended in 3 swings at 9542.80 high. Minute wave ((iii)) ended in lesser degree 5 waves at 8971.30 low. Then Minute wave ((iv)) bounce ended at 9120.80 high and Minute wave ((v)) ended at 8850.20 low.

Up from there, the index made a 3 wave bounce to 9141.92 high & ended Minor wave B in lesser degree zigzag structure. Where Minute wave ((a)) ended at 9021.10. Minute wave ((b)) ended at 8986.80 low. And Minute wave ((c)) at 9141.92 high. Down from there, the index has made new lows already confirming the next extension lower in Minor wave C and creating a short-term bearish sequence from 9/21/2018 peak. Where a decline to 8639.70 low ended Minute wave ((i)) of C. Near-term, while below 9141.92 high expect index to fail in Minute wave ((ii)) of C in 3, 7 or 11 swings for more downside. We don’t like buying it and expect bounces to fail in 3, 7 or 11 swings against 9141.92 high.

IBEX 1 Hour Elliott Wave Chart

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.

IBEX 1 Hour Elliott Wave Chart

In this Technical blog we’re going to take a quick look at the past Elliott Wave chart of IBEX chart from March 22,2017, which were presented to the clients at elliottwave-forecast.com. We are going to explain the structure & see how the index continued the rally afterwards.

IBEX 1 Hour March 22 London Updated Chart

Above chart is showing Elliott wave Triple three sequence remains in progress within the cycle from 2/08 lows, in Minute degree and index was showing 9 swings bullish sequence from that cycle favoring more upside extension as far as dips remains above 9877 second wave ((x)) connector low (9877). Also the sequence from 9877 low looks to be impulsive rather then corrective, thus creating a possible Elliott wave Zigzag Structure  was in progress. According to Elliott wave Theory Zigzag is a 3 wave structure having internal subdivision of (5-3-5) swing sequence where internal subdivisions are labeled as A, B, C where A = 5 waves, B = 3 waves and C = 5 waves. This means that A and C can be impulsive or diagonal waves. Also the A and C waves must meet all the conditions of 5 wave structure, such as: having an RSI divergence between wave subdivisions, ideal Fibonacci extensions, ideal retracements etc. So our Strategy was to buy the Intraday Minutte wave (b) pullback from 50-764% fib ret area ( 10110-9991 ) blue box area for another extension higher in the index provided the pivot at 9877 low remains intact or for 3 wave bounce at least.

IBEX 1 Hour March 31 NY Midday Updated Chart

Index found the buyer’s from the blue box area as expected & ended wave (b) pullback at 10110 low.  Up from there index started the another 5 waves as expected in wave (c) higher & now should be ideally looking for 10545 – 10652 area next week and make a 3 wave pull back at least from there. We don’t like the selling but 10545 is the area for longs from 10110 to book profits and RSI divergence at the peak should stay intact for the 5 waves in (c) idea to remains valid. Note if it gets erased during the next high, then it could end up being a (w) – (x) – (y) triple three structure from 9887 low.

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Short term Elliottwave structure suggests rally to 9218.68 ended wave ((4)) and the Index has resumed lower. Down from 9218.68, wave W ended at 8753. Wave X bounce is currently in progress as a double correction where wave ((w)) ended at 8960.7, and while wave ((x)) pullback stays above 8753, the Index has scope to do another leg higher in wave ((y)) of X before turning lower. We don’t like buying the proposed push higher in wave X and expect the Index to resume the decline either to new low or at least in 3 waves pullback once wave X bounce is complete as far as 9218.68 pivot stays intact.

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Short term Elliottwave structure suggests rally to 9218.68 ended wave ((4)) and the Index has resumed lower. Wave W decline from 9218.68 is unfolding as a double correction where wave ((w)) ended at 8783.4, wave ((x)) ended at 9138.8, and wave ((y)) of W is in progress towards 8675.32 – 8745.94 area. Once wave W is complete, Index should bounce in wave X before turning lower again. We don’t like buying the proposed bounce and expect the Index to resume lower once wave X bounce is complete in 3, 7, or 11 swing as far as 9218.68 pivot stays intact.

At EWF we offer 24 hour coverage of 50 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Free Trial to sample everything EWF has to offer