We have IBEX 35 doing the same movement as did at 2010 wich it's paired with a support and the 60% fib. Regards
Ibex35 is rather weak and will go down to 7500
Some beautiful symmetry on this index. As the world has a mini melt down in 2016 I'll be looking around 7,000 level to find support and hopefully mirror the move from 2008 to take us up and hopefully beyond 12,000
Bullish shark pattern at median line and the head & shoulders target area with bullish RSI divergence.
Well... After all this news, this index is so overbought and on critical levels of resistance, we should see this one going down sooner than later. Regards
Update: Target Reached without entry Trade Cancelled. =========================================================================== Trade 7: Pending Long IBEX35 @ 10,800 S.L @ 10590 T1 11,160 T2 11,585 For $29,798.94 Balance, Position size = 0.4 lot (0.2+0.2) . Risk= 4(position size) x0.8(point value per 0.1 lot)x210(stop loss)=$672 ~ 2.2% of Balance. ...
Spain could be facing the same outcome as Greece. But a much bigger economy.
Good looking setup as the index rebounded of previous resistance forming a long pin bar. Good risk reward ratio trade as well.
Short term Elliott Wave view suggests rally to 11883.6 completed wave (Y). Decline from here is taking the form of a double three or WXY structure when wave W ended at 11301, wave X ended at 11684.3, and wave Y lower is in progress. Wave ((w)) of Y ended at 11259.1, wave ((x)) of Y bounce is currently in progress and could retrace 50 – 61.8% (11471.7 – 11521.87)...
The index is retesting the previously broken high, it look like a Good level to look for long positions towards 12255 next resistance.
Open 3 positions or more for the two main targets with additional positions for a continuation. Move stops to protect positions once price has cleared them. Good Luck!
UPDATE 5/5: Stopped out on both positions. Result: -2R Two entries: 1. Buy limit half of 26/03 pin bar, s/l under horizontal support, t/p around highs on monthly chart, R:R 3,5:1 2. Buy stop top of 26/03 pin bar, s/l under horizontal support, t/p around highs on monthly chart, R:R 2:1 Let the euro QE roll...