$IBOV - Market Analysis for Jul 10th, 2018

The Bovespa tagged the 75580 fib today before curling back down into the close, satisfying the ideal minimum target for wave iii of an impulse off the June low. Therefore, if price continues to pull back from here as wave iv, then 73740 - 72630 should hold in order to turn price back up again toward a new high as wave v. Below that support starts to get concerning that we're only getting 3 waves off the June low.

$IBOV-BSP - Micro - Jul-10 1846 PM (1 hour)
$IBOV-BSP - Micro - Jul-10 1846 PM (1 hour)
Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.