IBEX a Potential Long Term EWP

By: TheWaveTrading | Thu, Jun 28, 2012
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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 projected equality extension target for the wave (Y) is at a "bloodcurdling" 2902

Wave at 2902
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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

Wave at 2902
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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.

 


 

TheWaveTrading

Author: TheWaveTrading

TheWaveTrading

Contact: If you would like to contact the author, you can e-mail him at thewavetrading@gmail.com

The main objective of this project is to share my views on several markets and asset classes.

In the initial stage TWT website will be a free service.

My main focus will be the equity market with SPX being the leader but I will also follow US equity sectors, major European indices, fixed income, currencies and commodities markets.

My analysis is based upon traditional Technical Analysis, Elliot Wave guidelines and investor sentiment.

My goal is to establish the most likely path that the price of a particular asset will undertake and profit through ETF instruments both on the long and short side and mainly with leveraged ones (2 x & 3 x).

The advantage of ETF investments is that it allows getting involved in equity indices & sectors, currencies, fixed income, commodities etc.

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austrian-money-supply/