IBEX, Spain update

Spain , as so many other countries, became a full Euro area member state in 1999. Any benefits that the country’s stock index may have enjoyed as a result have now been taken back, and it does not look like we are quite at the bottom. Here are the past and present charts;

IBEX Apr 2012ibex may 2012

The index is now at about 6400. Wave 4 of previous degree is at about 5250, a level also suggested by the triangle (if there is indeed one) measurement. For the bulls there is the 62% retracement level which obviously comes in at just under 6000. For the bears  equality between waves C and A occurs at about 4000 if it were to happen now. Take your pick, but for the moment there is a little  (or perhaps a lot) of downside left.