Elliott Wave View: IBEX35 Pullback Should Find Buyers

Short term Elliott Wave View in IBEX suggests the rally from January 28, 2021 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from January 28 low, wave 1 ended at 8739.9 and wave 2 pullback ended at 8274.60. The Index extended higher in wave 3 towards 9148.9 and pullback in wave 4 ended at 8804.90. Subdivision of wave 4 unfolded as a zigzag Elliott Wave structure. Wave ((a)) ended at 8948.3, wave ((b)) ended at 9054.4 and wave ((c)) ended at 8804.73. Wave ((c)) of 4 pullback ended at the 100% – 161.8% Fibonacci extension of wave ((a)) at 8725 – 8850

From the blue box, IBEX has extended higher in wave 5. Up from wave 4, wave (i) ended at 9068.70 and pullback in wave (ii) ended at 9006.10. Index then resumed higher in wave (iii) towards 9203 and pullback in wave (iv) ended at 9099.50. Final leg higher in wave (v) of ((i)) ended at 9240.80. Pullback in wave ((ii)) completed at 8978.20 and Index has resumed higher again in wave ((iii)). Up from wave ((ii)), wave (i) ended at 9245.60. Expect wave (ii) dips to correct cycle from May 19, 2021 low before the rally resumes. As far as pivot at 8804.73 low stays intact, expect dips to find support in 3, 7, or 11 swing for more upside.