IBEX Forecast October 16, 2014, Technical Analysis

The IBEX as you can see fell hard during the day on Wednesday, bouncing off the €9800 level. Now that we are well below the €10,000 level, we believe that the Ibex will in fact come “undone”, and as a result we are very bearish of this marketplace. This market looks as if it will of course accelerate the down trend and send this market much, much lower. If we do get a bounce from here, we would anticipate the €10,000 level to be massively resistive. At that point time, we would continue to sell this market on signs of resistance.