Elliott Wave Expects IBEX to Pullback Lower
Short Term Elliott Wave View on IBEX suggests rally from 10.25.2023 low is in progress as a 5 waves impulse. Up from 10.25.2023 low, wave (1) ended at 10301.2 and pullback in wave (2) ended at 9798.80. The stock extended higher again in wave (3) towards 11139.9. Down from there, wave (4) unfolded as a double three Elliott Wave structure. Wave W ended at 10855.4 and wave X ended at 10932.20. Final leg wave Y ended at 10504.09 and this completed wave (4) in higher degree.
The Index has turned higher in wave (5). Up from wave (4), wave ((i)) ended at 10776.2 and pullback in wave ((ii)) ended at 10612.2. Index extended higher in wave ((iii)) towards 11110 and dips in wave ((iv)) ended at 10887.70. Final leg wave ((v)) ended at 11227 which completed wave 1 in higher degree. Pullback in wave 2 is now in progress to correct cycle from 4.16.2024 low before it resumes higher. Down from wave 1, wave ((a)) is expected to complete soon, then it should rally in wave ((b)). Afterwards, expect another leg down in wave ((c)) to complete wave 2 before Index resumes higher. Near term, as far as pivot at 10504.09 low stays intact, expect dips to find support in 3, 7, 11 swing for further upside.
IBEX 45 Minutes Elliott Wave Chart
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