Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts of IBEX Index, presented in members area of the of our website. Recently IBEX has given us correction that has unfolded as Elliott Wave Double Three pattern. It has reached extreme area (buying zone) and made rally from there. In the further text we are going to explain the Elliott Wave pattern and Forecast.
Before we take a look at the real market example, let’s explain Elliott Wave Double Three pattern.
Elliott Wave Double Three Pattern
Double three is the common pattern in the market , also known as 7 swing structure. It’s a reliable pattern which is giving us good trading entries with clearly defined invalidation levels.
The picture below presents what Elliott Wave Double Three pattern looks like. It has (W),(X),(Y) labeling and 3,3,3 inner structure, which means all of these 3 legs are corrective sequences. Each (W) and (Y) are made of 3 swings , they’re having A,B,C structure in lower degree, or alternatively they can have W,X,Y labeling.
IBEX 1 Hour Elliott Wave Analysis 05.04.2023
The Index is giving us wave (4) blue pull back that is unfolding as Double Three pattern. IBEX already shows clear 7 swings pattern from the peak, reaching extreme zone. We still could see more short term weakness in wave ((c)) of Y toward 8988.7-8773.6 area. Current view suggests buyers should ideally appear at the marked zone for further rally or 3 waves bounce at least. We don’t recommend selling.
You can learn more about Elliott Wave Patterns at our Free Elliott Wave Educational Web Page.
IBEX 1 Hour Elliott Wave Analysis 05.16.2023
We got another marginal push down as expected. Buyers appeared at the marked extreme zone and we are getting good reaction from there. Pull back completed at the 8965 low. The rally from the buyers zone looks like a 5 waves which suggests after 3 waves pull back which should ideally see further continuation higher. It’s important that 8965 pivot holds during expected pull back in order to hold presented view intact.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.