Ibex Could See New Highs Soon
|The Spanish index Ibex 35 groups the 35 companies with major capitalization of Spain. The Spanish index develops a corrective formation as an expanding triangle, which makes us expect the continuation of the previous bullish movement.
In terms of the Elliott wave analysis, Ibex 35, in its 2-hour chart, reveals that the price moves sideways in the fourth wave of Minute degree labeled in black. According to wave theory, the price should make a new bullish move.
A long position will trigger if Ibex 35 soars and closes above 9,624.4 points. Our conservative scenario foresees a first potential profit target at 9,717.4 points.
If the Spanish index continues extending its gains, the price could strike above to 9,830.6 points and even reach until 9,908.4 points.
The invalidation level of our current bullish scenario locates at 9,425 points.
Trading Plan Summary.
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Entry Level. 9,624.4 pts.
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Protective Stop: 9,425 pts.
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1st Profit Target: 9,717.4 pts.
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2nd profit target: 9,830.6 pts.
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3rd Profit Target: 9,908.4 pts.
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