Ibex 35Big test for the Spanish index in the next weeks. 9990 Area holds a strong resistance together with fibonacci level. If it breaks it's a big bull!
Spain35
IBEX 35 - SPAIN Forecast One of my all time favorite Indexes to trade in. Ibex has been very under pressure due to Spain's economy not performing as rest of the major European countries. However it still closed around 14% YTD last year. Ibex has been range bound for the last
couple of months and has been on a constant descending pattern. It has not showing strong recovery over the last few quarters.
Ibex has to close the daily candle above 10600 to give any bullish signal for the year. It is sitting at a major resistance level
right now and a break above that level would mean that we can now see 11,000 mark once again. But due to the strong resistance level between 10490-10600 we can see some pull back from here to the early 10,000 again. A strong sell from that
point can take the index to the lows of 9400-9700 Area which at this point looks highly unlikely but a major sell off in the equities market and strong Gold and commodity prices and crypto currencies can shift the buying towards the more performing markets. Over all I am neutral for this Index. We can take multiple trades at key levels and do some profit taking on several occasions due to the index being range bound. Holding on to the index for a long position is not recommended.
IBEX35: STILL UPTREND BUT REACHING A TOPPING LEVELIBEX35 is in a good uptrend on daily. Now it is in the middle of a correction for a potential wave up. If it fails breaking the upper trendline i'm expecting a strong breakdown.
MAJOR WAVE III ABOUT TO START AT IBEX35 (spain index)Readjusting the elliot count as the movement evolves.
There is an accumulation process going on at ibex 35. Big sharks are accumulatting positions around 8700-8800 to start a major bullish rally. We will have a few bearish sessions ahead till the accumulation is done.
It will be a wave III rally: strong, fast movement and tons of volume.
In worst case scenario, everyone who had followed my last charts would have bought at a super succesfull low risk entry points: we're still getting ready for the major wave III to come.
P.D: you will notice to way of counting the waves: both of them told us the same: Major wave I is done and we should expect a dip before the next major wave starts.
BULLISH RALLY ABOUT TO START IN IBEX35A bullish rally is about to start on the spanish index. The famous ibex35 is in its way of a major wave III with a very clear continuing diagonal triangle at wave II.
Bullish positions till arount 9000-9150 and then get ready for the wave IV to come, probably on a sharp rally due to elliots wave alternation rule.
Maybe we there is a fair chance to be involved in an extended wave III so we coud potentially reach 10000-10500 pretty soon.
SHORT SPAIN35A nice swing trade guys, we should be looking at lows of 8000s in the coming weeks. Enjoy and good luck
