IBEX a Potential Long Term EWP
The following brief analysis has the intention to establish the EWP that price has unfolded since the November 2007 top and to set the potential future course.
The cardinal idea is that price is unfolding a Double Zig Zag = (ABC=W; X; ABC=Y)
From the 2007 top we can segregate the pattern into 3 sequences:
- The first Zig Zag was completed on March 2009 (ABC = W)
- The wave (X) was established at the January 2010 top
- From the January top price is unfolding the wave (A) of the second Zig Zag with a complex Triple Zig Zag. If this scenario plays out then price has established the wave (a) of the third Zig Zag.
The projected equality extension target for the wave (Y) is at a "bloodcurdling" 2902
In the following weekly chart I have labeled the assumed Triple Zig Zag that will establish the bottom of the wave (A) of the larger time frame Double Zig Zag
If this count is correct price has established the wave (A) of the third Zig Zag, hence now price is involved in a countertrend wave (B) rebound.
So far, even though price has almost reached the 0.382 retracement I would not rule out a higher target in the range of the 20 w MA / 0.5 retracement.
Once the wave (B) is in place an impulsive wave (C) down should establish a multi week/month bottom.