The significant oversold of the Ibex leaves the door open at the start of a new rebound

It can be said that the Ibex has been close to two months within a narrow lateral range included, in round numbers, between 6,500 points below and 7,200 above. Movement that is gradually narrowing, which should lead to an early outcome with a more sudden movement. But where to? The only thing that makes me slightly optimistic in the short term (in the medium and long term it can only be pessimistic) is that we have important daily oversold readings on the stochastic momentum oscillator. This means that, under normal conditions, a rebound can be expected. Aiming at the resistance of the 7,210 (April highs) and above 7,440 points (38.2% retracement). And in the best of cases an adjustment of 50%, up to 8,000 points.

But all this within a clear rebound movement (reaction phase) and within an impeccable corrective phase that has not come to an end. Or at least not as long as we don't have some kind of figure back to tell us. Something that we are very far from having and that will take a long time to build when the time comes.