IBEX 35 | Corrective structure about to endWell... This chart is a difficult one. We have a long term bearish channel and a mid term bullish support (Acting like a corrective structure)
We also have in the short term an inversed flag/corrective structure that could end both ways, being broken upside or downside. Anyway as it's an inversed flag it should break downside wich means bullish mid term support must be broken.
We could spect a new wave downside if this happens so my decision on this chart is... Short on breakdown and if breaks upwards, short on top of the channel.
Regards and happy trading!
Spain
IBEX either fail or about to break 9400- 1 hour potential Head and Shoulder formation targets 8800
- A bounce from current level may put in a strong rebound to test upper bullish channel
- If H&S plays out - the target is decent and viable since 8800 level has minor support April 15
See weekly and daily chart too for directional play