IBEX Elliott Wave Calling Rally To Fail For Further Downside

IBEX short-term Elliott wave view suggests that a rally to 9668.31 high ended intermediate wave (X) bounce. Down from there, the index made a declined in 5 waves impulse structure. And ended Minor wave A of a zigzag structure at 8850.20 low. Where the lesser degree Minute wave ((i)) ended at 9471.20 low. Up from there, a bounce to 9542.80 high ended Minute wave ((ii)) as a Flat structure. Below from there, a decline to 8971.30 low ended extended Minute wave ((iii) in lesser degree 5 waves. A bounce to 9120.80 high ended Minute wave ((iv)). Finally, a decline to 8850.20 low ended Minute wave ((v)) & also completed the Minor wave A.

Currently,index is doing a Minor wave B bounce to correct the cycle from 9668.31 high in 3, 7 or 11 swings before decline resume. Where initial bounce to 9139.60 high ended Minute wave ((a)) of a possible zigzag correction and Minute wave ((b)) ended at 8967.20 low. Near-term focus remains towards 9256.55-9435.80 100%-161.8% Fibonacci extension area to end the Minute wave ((c)) of B. Afterwards, the index is expected to resume lower in Minor wave C of (Y) or should react lower in 3 swings at least. We dont like buying it as the right side stamp is lower & calling more downside against 9668.31 high.

IBEX 1 Hour Elliott Wave Chart

IBEX Elliott Wave Calling Rally To Fail For Further DownsideIBEX Elliott Wave Calling Rally To Fail For Further DownsideIBEX Elliott Wave Calling Rally To Fail For Further Downside