In any case, it is time for the bearish case for the IBEX to play out without further delay. I came up with a count last night, and Highrev presented another this morning. They are both viable, and both have extremely limited upside. Based on the RSI in the 99 min chart, this index has expended just about everything just to make a kiss-back of the 200 DMA. It would be very difficult to imagine it now bursting higher in the meat of a third wave, as I discussed for the FTSE.
The 99 min chart shows the diverging RSI pattern. In blue, you have Highrev's count, which is looking for a quasi-ED for [c] of 2, without the 1-4 overlap. It would allow for one more possible five wave up to finish c of (v) of [c]. My original count is in magenta, and would imply that we are pretty much finished now.
IBEX 99 MIN
The obvious level to watch here is 11566.10, which is what I am calling the top of (2) of . (Yes, I have this index at a more advanced stage of decline than most others, which I have in (1) of .)