View: IBEX: Follow up of the short term EWP | The wave trading

This is not the best timing (ahead of FOMC announcement) to dare to formulate a short-term forecast, but I wanted to highlight the following:

On July 25 I assume that a wave (C) truncated at 5939.40 The internal structure of the summer rally, which at the August 20 peak clearly displayed an impulsive up leg has morphed into a 7-wave up leg (corrective) If the wave (7) will establish (probably) the first leg up of a larger Zig Zag it should unfold an Ending Diagonal.

Regarding the larger time frame scenario I am in the camp of labeling this up leg as a wave (A) of a larger Zig Zag hence the overdue pull back will have to be corrective and establish a bottom in the range 7219 / 50 d MA.