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IBEX: Index is completing double three Elliottwave structure

Discussion in 'Forex Trading Signals & Forecasts' started by Sandra S., Mar 2, 2016.

  1. Sandra S.

    Sandra S. Forum Member

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    Short term Elliottwave structure suggests cycle from 11/4 peak ended with wave (3) at 7862.8 and the Index is in wave (4) bounce to correct decline from 11/4 peak. Internal of wave (4) is unfolding as a double three where wave (W) ended at 8478.9, and wave (X) ended at 7967.88. While above 8221.01, Index has scope to extend higher in wave (4) towards 8731.19 – 8911.79 area before the decline resumes. We don’t like buying the proposed push higher and expect sellers to appear from 8731.19 –

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