IBEX monthly trend since 2008 until now. The big trend is still down even though the last 3 months the index has been traded above its 8 MA. If it can hold above 6.998 until the end of November the 8 MA will turn up and probably give support in the 7.177 area. The falling 21 MA cannot be penetrated on upside for a long time. Currently it seems to me that the IBEX will fall further.
IBEX weekly trend. The 8 MA is down but the 21 MA is up. The trend looks like FTSE and DAX and will follow the 8 MA direction so a rally can come up to that MA.
IBEX daily since November 2011. See the big bottom formation and the long 5 wave uptrend. After the top comes a 3 wave correction to the first bottom and the a rally to test the top which failed. Instead a new 3 wave trend down which last Friday took a new low from the top formation. Please click the chart and watch all MA's and how they perform right now. The biggest 200 day MA is the falling line below the current bottom and is a negative sign since this MA will continue down for several weeks to come. The red 50 MA is still up a for 3 days then all other MA's will be down and in the right order - 50,34,21 and 8 from the top. This is a falling trend and dangerous to buy now.
Finally the 2 hour trend from September 26 until now. Observe the break of the big uptrend on downside. However a rally could come but do not buy now.
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