IBEX bearish from the end this month

FX:ESP35   IBEX 35 Index
IBEX confirmed the head&shoulders with the break of the 2yr support at the beginning of the year. It's is inside of a downtrend line since july 2015 and it is arriving to a good point to open shorts. Since it tested 7900 points it start a ABC correction that meets with the 50% fibo. For the next months, i expect the 5th impulsive elliot wave .

RSI arriving to levels that in the past worked as tops.

Reasons why i see this idea:
  • Downtrend line
  • 5 impulsive elliot wave
  • 50% fibonacci correction
  • Pull-back
  • RSI near to tops
  • Head&Shoulders active

Gonzalo Melendi
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