SAN, BBVA and IBEX update

Please refer to the earlier blog of July 25th, 2012 and earlier entries for Santander etc. In it we warmly recommended the purchase of all three, , and . Here is the for starters;

$ibex sept 2012

On that very day the IBEX actually traded just below the 6000 mark. Today it is at about 7500, up no less than 25%. Similar gains were had on SAN and BBVA (not shown). Even if the IBEX is not directly tradable the EWP could have been used, shown below;

ewp sept 2012

The gain here is about $6 on $20. We would sell all now in line with the adage, buy on rumour, sell on fact. In all cases either a wedge  or a simple 5 wave sequence for the last major leg can be counted. Also all seem to have completed, or nearly so, a minor 5 wave move from the lows. This could be an initial start to even higher levels but could also be a c wave ending an a-b-c rebound.