Binary IBEX35 continues surprising the binary traders. It seemed as though the binary index has found support at 6700 points. However, the latest news from Europe provoked a breakout of the important mark. The binary traders should not hurry up buying put options. Often, such moves turn out to be false and binary put options expire worthless.
The binary options accelerated their slide and touch 6500 points well below the support. However, the binary traders started bidding at these levels and pushed the binary index higher to the 6700 mark. It will not be surprising if the binary options finish the day above this zone. It will keep the upside potential intact.
It is worth mentioning that the upside move from 5250 points to 16000 points has been retraced 88.6% at 6500 points. It has taken 5 years for the upside move to develop and 4 years to hit the current levels. The Fibonacci number is a strong point for attempting reversal.
The binary index completed a 5 wave model. It has started in 2009. It is possible that the model undergo a correction of 3 waves. Potential targets to the upside are 8700 points, followed by 9400 points.
Disclaimer:
The information in this analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument.
