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I doubt very much that the Ibex closes the weekly bearish gap of 8,375 points

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When the session of this Friday is missing to close a week of very strong increases, our selective accumulates a revaluation of 12% in just four days.

Technical analysis
BEAR GAP

Short term

Medium term

Long term

The Ibex it continues in a rebound phase like the rest of the European markets, stronger than the Wall Street indices in the very short term. In the long run, Wall Street beats them all by far. In the 'rally' in which we are still immersed, we have overcome the resistance of 7,664 points (bearish gap in mid-June) and now we have a clear path until the 8,000 points. Or rather, there is no significant resistance up to 8,000 points: the highs of the June rebound. And above and of much greater depth we have the weekly bearish gap in March at 8,375 points. But it is that, in addition, this gap corresponds approximately to a 61.8% adjustment / retracement of the entire decline from the highs at the beginning of the year to the lows in October.

Of course I can be wrong, but experience tells me that on very few occasions this type of 'gaps' are closed / canceled the first time it occurs. The normal thing is that the hole is partially or totally filled to take a break from there. And if anything, the next try will have a better chance of success. But it is true that I do not see the Ibex closing this gap. Not on the first try of course.

Ibex 35 weekly chart

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