Elliott Wave View: IBEX Soon Reaching Resistance Area

IBEX shows an incomplete bearish sequence from 6.14.2021 high favoring further downside against 5.30.2022 high (8992.7). Short term, Index is now correcting cycle from 5.30.2022 high in 3, 7, or 11 swing before the decline resumes. Down from 5.30.2022 high, wave (W) ended at 7191.57 as the 1 hour chart below shows. Wave (X) rally is currently in progress to correct cycle from 5.30.2022 high with internal subdivision as a double three Elliott Wave structure.

Up from wave (W), wave ((a)) ended at 7502.9, pullback in wave ((b)) ended at 7371.70, and wave ((c)) higher ended at 7692.30 which completed wave W. Pullback in wave X ended at 7449.70 with internal subdivision as a zigzag structure. Down from wave W, wave ((a)) ended at 7530.50, wave ((b)) ended at 7660.40, and wave ((c)) lower ended at 7449.70. This completed wave X and now wave Y higher is in progress as a zigzag. Up from wave X, wave ((a)) ended at 7745.20, and wave ((b)) ended at 7675.30. Expect wave ((c)) of Y to complete at 7942 – 8249.50. This should complete wave (X) in higher degree and see Index resumes lower or pullback in 3 waves at least.