FTSE MIB Elliott Wave Analysis Update
The FTSEMIB remains in its phase of correction of the long-term bearish trend. In particular, Wave 4 Intermediate would seem to be forming as a double three (double correction) WXY of Minor degree. The latter after finishing the W as flat expanded, has given way to the X, which at the moment seems to have completed as a double three (WXY) Minute grade. The latter was formed as a double zig zag, and the sub-waves of X Minute are a double correction of Minuette degree (expanded triangle / zig zag). The current scenarios in the short term are:
-as just described Wave X Minor ended and Wave Y Minor started, in particular we would be in its first sub-wave;
- Wave X Minor did not end as a double three, but is forming a triangle (ABCDE) or a triple correction (WXYXZ).
One possible target of Y Minor is the Fibonacci retracement of Wave 3 Intermediate as illustrated in the daily chart on the left.
-as just described Wave X Minor ended and Wave Y Minor started, in particular we would be in its first sub-wave;
- Wave X Minor did not end as a double three, but is forming a triangle (ABCDE) or a triple correction (WXYXZ).
One possible target of Y Minor is the Fibonacci retracement of Wave 3 Intermediate as illustrated in the daily chart on the left.
Luca Dallago
SIAT Socio Professional (CSTA)
IFTA Certified Financial Technician (CFTe)
SIAT Socio Professional (CSTA)
IFTA Certified Financial Technician (CFTe)
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.