IBEX the growth of Spanish stocks
IBEX35 is the benchmark stock market index of the Bolsa de Madrid, Spain's principal stock exchange. This index has started in 1992. The index includes 35 Spanish stocks traded on the general index of the Madrid Stock Exchange.
In the 360-minute chart, if we consider the downtrend up to the range of 5814.3 as 5 waves, the price is correcting this downtrend with a Double zigzag pattern which is formed at the end of the X wave, in an Ending Diagonal pattern, if the price crosses through the range of 7018, which is the end of Wave 4 of this pattern , we can be hopeful for the advent of an uptrend for the targets 7654 and then 8456.
On the contrary the assumed range of this analysis would be 6329
IBEX35 is the benchmark stock market index of the Bolsa de Madrid, Spain's principal stock exchange. This index has started in 1992. The index includes 35 Spanish stocks traded on the general index of the Madrid Stock Exchange.
In the 360-minute chart, if we consider the downtrend up to the range of 5814.3 as 5 waves, the price is correcting this downtrend with a Double zigzag pattern which is formed at the end of the X wave, in an Ending Diagonal pattern, if the price crosses through the range of 7018, which is the end of Wave 4 of this pattern , we can be hopeful for the advent of an uptrend for the targets 7654 and then 8456.
On the contrary the assumed range of this analysis would be 6329
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+550 pips , Order closed