ESP35 trade ideas
Spain35 IBEX35 Short ideaOn the 60 minute chart, price is obeying the blue dotted transagonal support & resistance contracted channel.
As price hits the (daily) orange (transagonal resistance), we should see a correction leading to a move to the downside to the lower (daily) orange transagonal (support) line at approx to 7015.1 to 6930.7.
*Black lines = daily S/R
IBEX Short Entry : 13:05:01 (UTC) Wed Jun 17, 2020The amount of speculation that steers this as "bullish" honestly doesn't make sense to me. For this reason, my outlook on the current global economic cycle will be in alignment with shorting DAX and the IBEX.
Island reversal?Very bad news for the Spanish market, an island reversal(in the red circle) remain valid then the further decline will come and continuing pressure should lead the price near 6400.
In this bearish view, I expect to see today gap remain open!
Elliott Wave View: IBEX Has Turned LowerIBEX shows an incomplete sequence from November 2007 high and still favors more downside while below 2.19.2020 high (10093). Near term, the Index ended the rally from 3.16.2020 low in 3 swing as a zigzag Elliott Wave structure. Up from 3.16.2020 low, wave (A) ended at 7209.7, wave (B) ended at 6421.4, and wave (C) ended at 7995.3. The 3 waves move higher from 3.16.2020 low also ended wave ((4)) in higher degree. The move higher in wave (C) of ((4)) ended at the 100% – 123.6% equal leg area from 3.16.2020 low at 7824 – 8153 area.
Index has since turned lower in wave ((5)). Technically it still has to break below wave ((3)) at 5814.6 to avoid a double correction. Near term, the decline from wave ((4)) high at 7995.3 unfolded as a 5 waves impulse Elliott Wave structure. Down from wave ((4)), wave 1 ended at 7685.3, and bounce in wave 2 ended at 7859. Index extended lower in wave 3 towards 7205.80 and wave 4 bounce ended at 7425.20. Finally, wave 5 of (1) ended at 7065.2
IBEX is now correcting cycle from 6.8.2020 high within wave (2) before turning lower again. As far as pivot at 7995.30 high stays intact, expect rally to fail in the sequence of 3, 7, or 11 swing for more downside.
IBC reached the range forecasted and turned down. New lows aheadIBC reached 7,992 and turned down as we forecasted in our post of May 31. The downtrend should reach new lows. In the current wave pattern we could see a counter-trend move up to around 7,650, before the downtrend continues. If price crosses up 8,019 this analysis should be reviewed. FOLLOW SKYLINEPRO TO GET UPDATES.
IBEX35 - final leg before trend to new lowsIBEX35 is tracing the final stages of intermediate wave 2. The most probable target range is between 7,800 and 8,450. After this intermediate wave 3 should bring down the index to new lows. If the index crosses down 6,850 the odds will indicate wave 3 has already began. FOLLOW SKYLINEPRO TO GET UPDATES.
Ibex is probably ending a corrective movementIbex long movement looks corrective so the odds of a continuation of coronavirus downside are high.
IBEX activated impulse to 7826 +9,8%IBEX, the spanish exchange index, seems to have activated a second bullish impulse with target price at 7826 +9,8%
Incredibly weakAfter 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).
IBEX35 Horizontal ResistanceOf the weakest indexes in the world, the trend is our friend, therefore we accompany it with short positions.
ESP35 bottom at 6300 to 6100Hello friends, followers, and traders,
Looking at the 4-hour chart like so many markets there is a bearish overtone taking place at this moment in the guise of an ABC correction.
Fundamentally speaking, Spains main source of income is tourism and since Spain has shut down due to the Coronavirus, we saw a brief but weak rally that has fizzled out and now in a corrective phase that should take price action in the form of an ABC correction along the Fibonacci trail landing between .618% to .786%, I would not be surprised to see a tripe bottom or even a lower low given the circumstances surrounding Spains locked-down borders.
2 days ago, the Spanish government had announced that they want the country’s tourism sector to restart activity at the end of the month of June. We will most likely see a rally in price as a reaction to this news given the fact that the stock is cheap and the probability of making profits is quite high for when the economy gets back up on its feet again.
Spanish Governments Announcement, click here .
Good Luck
Cheers!
Spain IBEX 35 Index Intraday 14:05:27 (UTC) Tue May 19, 202Spain IBEX 35 Index Intraday short position
14:05:27 (UTC) Tue May 19, 202
Short on IBEX 35After the first wave, correction we are ready to move down. Objective 1 6.000 and second 5825.
As you can see we had made a pull-back to the breaking line and now we only can spect the second wawe.
Aternative scenario when we go up above 7.192.
Good Trading ant Take Care.
IBEX 35 futures (ES35) - Updated EW count IBEX 35 futures (ES35) is in 3rd wave of C internal wave of Y down. It should be slide down faster as result of under-performance to other European markets after breaking down consolidation level.
IBEX: a vulnerable Index ready to go down againThe Spanish Index remains quite vulnerable.
It is preparing for wave 5 down which will push the index below the recent low of wave 3.
Strategy
Short term: go short below 6570
Increase short position below 6400
and I can add for the fans of Technical Analysis that we have a possible H&S formation since Wave 3
Disclaimer
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The past performance of any trading system or methodology is not necessarily indicative of future results.
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IBEX - ABC patternIBEX index from europe also weaker index than other global indices. It is in bigger WXY pattern in which Y wave is in progres, It completed A and B wave and C wave is in progress. now 3rd of C wave down will start anytime soon. X wave was almost flat so C of Y will be faster down expected.
