WAITING FOR LONGS ON IBEX-35(CFD)Waiting for a small correction 'till circled zone to entry long.
Lots of positive confluences in there: MM200, previous resistance, channel resistance.
Goal: Next top channel testing. Around 9800.
ESP35 trade ideas
All you need to know about the spanish indexFirst i wan't to state that, as labeled in the chart, it's all about the monday open!
The ideea of the 5 wave formation came to me a few months ago It went beatifully. Now we have a possible abc, i say possible because we have to see if it will rally.
Now let's take an indepth look at the chart. The first wave starts from the bottom line of the broadening formation. From that point, the spanish stocks rallied sharply, together with Europe. The road to the 10000 psychological level took 5 months, forming a 5 wave formation.. You can see labeled the fibonacci percentages, which makes this chart even more beautiful and predictible. When the 10000 level was reached, a corrective move started in a flag formation, forming an abc (probable c). The flag was broken at a point, but right after that we had a shooting star which warned us things aren't looking good. Now we have a dragonfly doji which points to a reverseal. This long candle penetrated some very strong support levels (weekly support, daily support, fib supports and the flag bottom line) and closed above all of them. A look at the histogram points out that even though the price moved below point a, the histogram didn't go lower, meaning that the bears are losing power.
Now we have to wait for a strong open, which would be the entry signal. First target would be 10000
Spain's Ibex 35 looking for a pullback.Spain's Ibex 35 is looking like it's starting a correction. The Williams%R gave a sell signal by breaking 20. Also, from previous high to current high there was a turn window using Lucas Series #'s. There is another Lucas Series # from June 2012 low to current highs that is signaling a turn window. With two turn windows pointing to the same area, the Ibex reached a 1.272 extension = level of confluence giving sign of a pullback.
I believe it could pullback to the 50% to 61.8% fib levels as support, a break below the 61.8 fib would not be good for the Ibex's current bull run.
$ESP35: Reached all targets - Eyeing significant resistanceAll 4xQuad forecast targets (TG-1 = 9465 and TG-2 = 9527) have been hit dead-on (See our Dead-On Hit List here: bit.ly)
At this point, 4xQuad is signaling a significant resistance level valued at 9711
David Alcindor
Head Trader
4xQuad, LLC
Denver, CO
USA
