MDAX Wave Analysis – 2 November, 2022

• MDAX reversed from key resistance level 24350.00

• Likely to fall to support level 23000.00

MDAX index recently reversed down from the key resistance level 24350.00 (former support from the start of September), intersecting with the 61.8% Fibonacci correction of the downward impulse from September.

The downward reversal from the resistance level 24350.00 stopped the earlier upward corrective wave (ii) from the start of October.

Given the prevailing downtrend and the strength of the resistance level 24350.00, MDAX can be expected to fall further toward the next support level 23000.00.