Elliott Wave View: IBEX Has Resumed Downside

Short Term Elliott Wave View in IBEX suggests the decline from November 1, 2021 peak is unfolding as a 5 waves diagonal. Down from November 1, 2021 peak, wave (1) ended at 8082.4 and rally in wave (2) ended at 8912.20. The Index resumes lower in wave (3) which ended at 8048. The 1 hour chart below shows that move in wave (3) which subdivides in another 5 waves in smaller degree. Down from wave (2), wave 1 ended at 8266.9 and wave 2 ended at 8607.10. Wave 3 ended at 8061.2, wave 4 rally ended at 8254.10, and wave 5 lower ended at 8048.30 which completed wave (3).

Bounce in wave (4) ended at 8509.90 with internal subdivision as a zigzag. Up from wave (3), wave A ended at 8496.4, wave B ended at 8288.8, and wave C ended at 8510.61. Index has extended lower in wave (5). Down from wave (4), wave ((i)) ended at 8076.40 and rally in wave ((ii)) ended at 8370.80. Near term as far as pivot at 8510.61 stays intact, expect rally to fail in the sequence of 3, 7, or 11 swing for further downside. n of wave w which comes at 3629 – 3998.