GER50 index Wave Analysis – 24 November, 2021

• GER50 index broke support zone

• Likely to fall to support level 34200.00

GER50 index recently broke the support zone lying between the key resistance level 34700.00 (low of the previous minor wave 2 from October) and the 50% Fibonacci correction of the upward price impulse (1) from the start of October.

The breakout of this support area accelerated the active medium-term ABC correction (2).

GER50 index can be expected to fall further toward the next support level 34200.00 (target for the completion of the active medium-term ABC correction (2).