The “cardinal point” of the Elliot wave analysis of IBEX  is that from the January 2010 top price has been involved in tracing a large corrective pattern.

Then  it is reasonable to label the January 2010 peak as a wave (A) while the corrective pattern in progress is expected to establish the bottom of a wave (B).

Therefore once the wave (B) is in place, a wave (C) up should overtake the Janury 2010 peak with a potential extension target in the range of the 0.618 – 1 x 1 of the wave (A).

Regarding the corrective Elliot wave pattern I am looking at 2 options that are implying lower prices ahead.

Scenario 1 : Double ZZ wave (B)

If this is the correct pattern price has began the final  impulsive wave (c) of (Y) down

The assumed wave (c) so far has completed with a leading diagonal the wave (I) and last week´s rebound should be the wave (II)

The count will be aborted if price recovers above 10536.80 or it does not fall with  impulsive down legs

The final target for the wave (c) should be located in the range 8563 – 7488

Scenario 2 : Triangle  wave (B)

If this is the correct pattern then from the February peak price will have to trace a corrective down leg  that has to bottom above 8563.60

It could be tracing a DZZ in which case it needs a downward ZigZag in order to complete  the wave (C) of the Triangle.

The wave (C)  will be followed by a corrective rebound wave (D) followed by the final corrective wave (E) down .

The overall pattern has to be contractive and will establish the bottom of the wave (B)