IBEX 35 Wave Analysis 3 March, 2021

• IBEX 35 reversed from powerful resistance area

• Likely to test support level 8000.00

IBEX 35 index recently reversed down from the powerful resistance area lying between the key resistance level 8406.5 (former monthly high from January) and the upper daily Bollinger Band.

This resistance area was further strengthened by the 61.8% Fibonacci correction level of the previous sharp downward impulse from February to March of 2020.

IBEX 35 index is likely to fall further toward the next round support level 8000.00 (top of the previous 2 corrections (b) and (ii)).