Spain 35 Wave Analysis – 24 March, 2022

• Spain 35 index reversed from resistance level 0.94
• Likely to fall to support level 8200.00

Spain 35 index recently reversed down with the daily Bearish Engulfing from the pivotal resistance level 8465.00 (former strong support from January and February).

The resistance zone near the resistance level 8465.00 was strengthened by the 61.8% Fibonacci correction of the downward impulse 1 from November.

Spain 35 index can be expected to fall further toward the next support level 8200.00.