It looks like someone linked you here to our printer friendly page. Please make sure you go Back to for more great articles just like this one!

IBEX a Potential Long Term EWP

By: TheWaveTrading | Thursday, June 28, 2012

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
Larger Image

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
Larger Image

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.


Author: TheWaveTrading


Contact: If you would like to contact the author, you can e-mail him at

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.

Therefore the main purpose of TWT will be to establish investment strategies regardless if the market is in an up trend or in a down trend, leveraging the chosen scenario while managing the risk by establishing protective stop losses.

Hence I will always define the risk, I will try to let winners run the wave and I will cut the losses if my strategy is wrong.

Disclaimer: The content of this article is for educational purposes only, the information supplied is not a recommendation to buy or sell any security or financial instrument. nor the owner can not be held responsible for any loses occurred from the information provided within the website.

The Information supplied cannot be copied or reproduced without the permission from the owner.

Copyright 2011-2016 TheWaveTrading