View: IBEX: Follow up of the short term EWP | The wave trading
IBEX: Follow up of the short term EWP | The wave trading
IBEX: FOLLOW UP OF THE SHORT TERM EWP
This is a brief update of the short term scenario I posted on September 26.
So far the scenario that I am following is on track
Price completed the first down leg of a likely larger corrrection on September 28 at the Double Top target.
The following bounce is clearly corrective therefore I expect at least one more down leg.
Below we have a strong support in the range 7554 – 7494, where we have the 200 d MA, 50 d MA and a gap that can be filled.
If this support layer does not hold then the following support is located in the range 7354-7161.
If we look at the internal structure of the pullback from the September 21 high, we can make the case that the first down leg can be label as a wave (A) or (1) while the following rebound is clearly corrective and could be shaping a bearish flag.
The obvious reversal area is located at the horizontal support and 0.618 retracement = 8021
If the current countertrend rebound estabslihes the high at 8021 then the next leg down has an extension target in the range 7470-7129
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