Spain IBEX 35 Index

If I recall correctly it was around 2010 to 2011 which we saw the Europe Crisis. So it interests me to actually look at Spain which was one of the potential country in Europe that might fall.

So US' crisis during 2008-2009 has affected Spain a lot as can be seen from the down trend of 2008-2009. It is funny that only when the index is at the bottom of the chart that each economy starts to feel the pinch, but not during the process of the plunge.  In fact the effect of the plunge was only felt by the late 2009, by which time the index was recovering (at its peak at the time).

So what is happening to Spain's IBEX 25 index now? The arguement is presently weak but it is roughly a reverse head and shoulde, with  the index broken the neckline up-ward. If this is true, the objective of this index would be around 11,609.

I am not sure of the wave count though, it seems that A was completed by early 2009 while B by early 2011.and possible complete of C by mid 2012. The wave count so far tally except that I do not see a 5-wave pattern on either A or C wave. So a change of plan which I have to label the whole wave from 2009 till now is a very large B, with C pending. Well at least from mid 2012 till now looks more like a 3-wave pattern.

So what would happen if I change to a swing move? the objective will lead to 10,464, lower than the reverse head and shoulder's objective. Anyway, there will be a resistance at 11,189.