IBEX Madrid’s exchange, update

IBEX june 2012

There are a multitude of “problems” with this particular count. To mention but one, wave 1 of 1 seems to be non-existent. In any event this count overall is not unreasonable. If correct one more low should be made down the road. This is also what we suggested about a month ago repeated below;

IBEX Apr 2012

We have managed to get to about 6000 so far, but not the “ideal” level of about 5500 or lower. On the other hand, the drop from 16000 to 6000 is a nice Fibo 60%. If one inserts a wedge (diagonal) for all of wave C, 6000 could be it.