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

Just a brief update

I maintain a bullish bias regarding the EWP off the July 25 low since in my opinion price should unfold either a large Zig Zag or a Double Zig Zag but I believe that it is still uncertain weather the October 11 low is the springboard for the takeoff.

So far we don´t have a clear sign of price exhaustion, but today´s Hanging Man candlestick has to be respected.

The unquestionable confirmation that this is a wave (B) will be triggered once/if price closed the gap at 7940.20

My scenario calls for a potential Flat correction which would imply a pending wave (C) down towards the range of the October 11 low and the 200 d MA.

Momentum indicators are also questioning that price has resumed the up trend:

Absence of positive divergence of the RSI at the October low. Potential negative divergnce of the RSI vs the September 14 high. Stochastic has entered extreme overbought territory.