France 120 Wave Analysis – 17 November, 2022

• France 120 reversed from resistance level 5100.00

• Likely to fall to support level 5000.00

France 120 index recently reversed down from the pivotal resistance level 5100.00 (which has been stopping the index from the end of March) intersecting with the upper daily Bollinger Band and the 61.8% Fibonacci correction of the downward impulse from February.

The downward reversal from the resistance level 5100.00 started the active short-term corrective wave (ii).

Given the clear daily downtrend, France 120 index can be expected to fall further toward the next round support level 5000.00.