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IBEX: Elliottwave structure looking for extension lower

Discussion in 'Forex Trading Signals & Forecasts' started by Sandra S., Apr 1, 2016.

  1. Sandra S.

    Sandra S. Forum Member

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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 is expected to complete at 8676.06 – 8705.99, then index should bounce in wave X before turning lower again. 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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