IBEX Elliott Wave Cycle from Early this Month is Mature and May

28 sieShort Term Elliott Wave in IBEX suggests decline to 10307.61 ended wave ((4)). The Index has turned higher in wave ((5)) but it still needs to break above wave ((3)) peak at 11469 to rule out a double correction. Internal subdivision of wave ((5)) is unfolding as a 5 waves impulse Elliott Wave structure. Up from wave ((4)), wave ((i)) ended at 10488.6 and wave ((ii)) pullback ended at 10308.9. Index then rallied higher in wave ((iii)) towards 10632 and wave ((iv)) dips ended at 10445.7. Final leg wave ((v)) ended at 10687.7 which completed wave 1 in higher degree. Pullback in wave 2 ended at 10572.20.

Index has resumed higher in wave 3. Up from wave 2, wave ((i)) ended at 10714.4 and pullback in wave ((ii)) ended at 10611.4. Wave ((iii)) higher ended at 11151.2 and pullback in wave ((iv)) ended at 11056.5. Final wave ((v)) ended at 11207.5 which completed wave 3. Index then pullback in wave 4 which ended at 11156.3. Expect the Index to extend higher a few more highs before ending wave 5 and it should then complete wave (1) in higher degree. Afterwards, it should pullback in wave (2) to correct cycle from 8.5.2024 low in larger degree 3, 7, 11 swing before it resumes higher. Near term, as far as pivot at 10307.6 low stays intact, expect dips to find buyers in 3, 7, 11 swing for more upside.