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IBEX 35 IndexIBEX 35 IndexIBEX 35 Index

IBEX 35 Index

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Elliott Wave View: IBEX Has Turned LowerIBEX shows an incomplete sequence from November 2007 high and still favors more downside while below 2.19.2020 high (10093). Near term, the Index ended the rally from 3.16.2020 low in 3 swing as a zigzag Elliott Wave structure. Up from 3.16.2020 low, wave (A) ended at 7209.7, wave (B) ended at 6421.4, and wave (C) ended at 7995.3. The 3 waves move higher from 3.16.2020 low also ended wave ((4)) in higher degree. The move higher in wave (C) of ((4)) ended at the 100% – 123.6% equal leg area from 3.16.2020 low at 7824 – 8153 area. Index has since turned lower in wave ((5)). Technically it still has to break below wave ((3)) at 5814.6 to avoid a double correction. Near term, the decline from wave ((4)) high at 7995.3 unfolded as a 5 waves impulse Elliott Wave structure. Down from wave ((4)), wave 1 ended at 7685.3, and bounce in wave 2 ended at 7859. Index extended lower in wave 3 towards 7205.80 and wave 4 bounce ended at 7425.20. Finally, wave 5 of (1) ended at 7065.2 IBEX is now correcting cycle from 6.8.2020 high within wave (2) before turning lower again. As far as pivot at 7995.30 high stays intact, expect rally to fail in the sequence of 3, 7, or 11 swing for more downside.
BME:IBC
by Elliottwave-Forecast
Incredibly weakAfter the coronavirus diving, the Spanish market was able to ridiculously weak rise. Not able to reach the 0.382 Fibonacci level in the last 50 days! The rising from march low has a corrective 3 waves style like zigzag in Elliott wave theory. The bears are in control, just had a nap. The rising could continue for a while, but 7500 is a strong resistance I expect. So I would like to see the next coming downside pressure to new lows in the wave C or wave 3. The minimum next target is at slightly below 5000(wave C objective) or more 4000(wave 3 objective).
BME:IBCShort
by MoodandMarkets
ESP35 bottom at 6300 to 6100Hello friends, followers, and traders, Looking at the 4-hour chart like so many markets there is a bearish overtone taking place at this moment in the guise of an ABC correction. Fundamentally speaking, Spains main source of income is tourism and since Spain has shut down due to the Coronavirus, we saw a brief but weak rally that has fizzled out and now in a corrective phase that should take price action in the form of an ABC correction along the Fibonacci trail landing between .618% to .786%, I would not be surprised to see a tripe bottom or even a lower low given the circumstances surrounding Spains locked-down borders. 2 days ago, the Spanish government had announced that they want the country’s tourism sector to restart activity at the end of the month of June. We will most likely see a rally in price as a reaction to this news given the fact that the stock is cheap and the probability of making profits is quite high for when the economy gets back up on its feet again. Spanish Governments Announcement, click here . Good Luck Cheers!
FOREXCOM:ESP35Short
by keifer
IBEX: a vulnerable Index ready to go down againThe Spanish Index remains quite vulnerable. It is preparing for wave 5 down which will push the index below the recent low of wave 3. Strategy Short term: go short below 6570 Increase short position below 6400 and I can add for the fans of Technical Analysis that we have a possible H&S formation since Wave 3 Disclaimer Trading has potential rewards but also potential risks. Therefore don't trade with money you can't afford to lose. The provided analysis and comments are not a recommendation to buy, hold or sell stocks, futures , indices, forex, cryptocurrencies or commodities . The past performance of any trading system or methodology is not necessarily indicative of future results. Please do your own extensive study before deciding to invest or trade.
TVC:IBEX35Short
by winstox