IBEX 35 Wave Analysis – 3 June, 2020

• IBEX 35 broke resistance area

• Likely to rise to 7750.00

IBEX 35 continue to rise after the earlier breakout of the resistance area lying between the resistance level 7250.00, upper trendline of the daily Ascending triangle from March and the 50% Fibonacci correction of the previous downward impulse (c).

The breakout of this resistance area accelerated the impulse wave (iii) – which belongs to wave B from March.

IBEX 35 is expected to rise further toward the next resistance level 7750.00 (target price for the completion of the active impulse wave (iii)).