IBEX bearish from the end this month

IBEX confirmed the head&shoulders with the break of the 2yr support at the beginning of the year. It's is inside of a downtrend line since july 2015 and it is arriving to a good point to open shorts. Since it tested 7900 points it start a ABC correction that meets with the 50% fibo. For the next months, i expect the 5th impulsive elliot wave.

RSI arriving to levels that in the past worked as tops.

Reasons why i see this idea:

• Downtrend line
  
• 5 impulsive elliot wave
  
• 50% fibonacci correction
  
• Pull-back
  
• RSI near to tops
  
• Head&Shoulders active
  

Gonzalo Melendi