IBEX35 – Madrid Stock Exchange Crash – Long-Term SELL

IBEX35 has formed a Running Contracting Triangle after the decline caused by 2007-2008 Recession.

Current Wave Count is implying that IBEX35 would push higher so that the Triangle Pattern would complete and after that resuming the down-trend caused by the up-coming Market Crash.

This Index caught our attention do due recent political events happening in Catalonia which seems to be on track with breaking up with Spain after the recently held referendum.

We chose to jump-start the Market Crash posts with this view because we believe it should be watched closely for signs of weakness, which could act as a catalyst in what is to come next.

Monthly Chart (picture)

Monthly Interactive Chart

Daily Chart (picture)

Daily Interactive Chart

IBEX35 – Market Crash SELL Position:

• Entries:
  Moderate: 11500.00
  Conservative: 12500.00
• SL: 13500.00
• Targets – 9000.00 / 7000.00 / 5000.00 / 2525.00

These Entry Levels are informative and good to be aware of, more accurate and measured entries available in private as the price action unfolds.

Many pips ahead.

*Interesting article from BBC.