Elliott Wave View: IBEX Has Resumed Higher

27 thg 5, 2022

Short Term Elliott Wave View in IBEX suggests rally from 3/7/2022 low is in progress as a 5 waves impulse. Up from 3/7 low, wave (1) ended at 8875.30. Wave (2) pullback has ended at 8137.37 with internal subdivision as a double three. Down from wave (1), wave ((a)) ended at 8512.3, rally in wave ((b)) ended at 8703.50, and third leg lower wave ((c)) ended at 8344.90 which also complete wave W. Wave X corrective rally ended at 8650.70 with internal subdivision as a zigzag structure. Final leg lower wave Y ended at 8137.37 with internal also as a zigzag structure.

Index has turned higher and broken above wave (1) at 8875.3 suggesting the next leg higher has started. Up from wave (2), wave (i) ended at 8383, wave (ii) ended at 8324.1, wave (iii) ended at 8488.90, wave (iv) ended at 8437.10 and wave (v) of ((i)) ended at 8546.30. Wave ((ii)) pullback has ended at 8342.20. Index has resumed higher in wave ((iii)). Up from wave ((ii)), wave (i) ended at 8598.40 and dips in wave (ii) ended at 8515.60. As far as pivot at 8137.37 low stays intact, expect Index to extend higher.