Ibex Forecast August 17, 2015, Technical Analysis

The Ibex initially tried to rally on Friday, but found enough resistance at the 11,050 level to turn things back around to form a shooting star. The shooting star is sitting on top of the support that we’ve seen earlier in the week, and there is a gap just below current levels. With this, it’s only a matter of time before we find a supportive candle in order to turn around and start going long. Ultimately, we believe that the market will go higher, but we are going to have to be patient and wait for that right candle.