IBEX bearish from the end this monthIBEX 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
