IBEX: The Next to The Last Elliott Wave Pattern?
A Triangle always precedes the final up leg of an Elliott Wave Pattern. The thrust following the contracting pattern ends a move.
It is possible that IBEX is forming a Triangle provided price does not breach the March 14 low located at 9703.10.
If the Triangle pans out the following thrust should have as a target the range 10950 - 11070 (Approximately).
I have labeled the thrust as a wave (Y) since in my opinion it would conclude a Double Zig Zag from the July 2012 low.
The good news is that IBEX has more business to the upside.
The bad news is that, if my preferred long term Elliott Wave Count is correct, the corrective advance from the July 2012 low will establish the second wave (B) of a Double Zig Zag from the November 2007 high. The following down leg is expected too retrace the entire advance and even establish a lower low.
When a pattern is expected to establish a major top I always check if the weekly momentum indicators are displaying a negative divergence.
There is no need to comment the following chart: