After the coronavirus diving, the Spanish market was able to ridiculously weak rise. Not able to reach the 0.382 Fibonacci level in the last 50 days!
The rising from march low has a corrective 3 waves style like zigzag in Elliott wave theory. The bears are in control, just had a nap.
The rising could continue for a while, but 7500 is a strong resistance I expect.
So I would like to see the next coming downside pressure to new lows in the wave C or wave 3. The minimum next target is at slightly below 5000(wave C objective) or more 4000(wave 3 objective).
The rising from march low has a corrective 3 waves style like zigzag in Elliott wave theory. The bears are in control, just had a nap.
The rising could continue for a while, but 7500 is a strong resistance I expect.
So I would like to see the next coming downside pressure to new lows in the wave C or wave 3. The minimum next target is at slightly below 5000(wave C objective) or more 4000(wave 3 objective).