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Elliott Wave: Further Downside Looming For IBEX?

TVC:IBEX35   IBEX 35 Index
Hello Traders,

IBEX short-term Elliott wave view suggests that a decline to 8850.20 low ended red wave A of a zigzag structure. The internals of that decline unfolded as 5 waves impulse structure where black wave ((i)) ended at 9471.20 low. Black wave ((ii)) ended in 3 swings at 9542.80 high. Black wave (( iii )) ended in lesser degree 5 waves at 8971.30 low. Then black wave ((iv)) bounce ended at 9120.80 high and black wave ((v)) ended at 8850.20 low.

Up from there, the index made a 3 wave bounce to 9141.92 high & ended red wave B in lesser degree zigzag structure. Where black wave ((a)) ended at 9021.10. Black wave ((b)) ended at 8986.80 low. And black wave ((c)) at 9141.92 high.

Down from there, the index has made new lows already confirming the next extension lower in red wave C and creating a short-term bearish sequence from 9/21/2018 peak. Where a decline to 8639.70 low ended black wave ((i)) of C. Near-term, while below 8885 but more importantly below 9141.92 high we expect more downside to follow. We don’t like buying it as the right side is to the downside.
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