FTSE MIB Elliott Wave Analysis Update
Compared to the last update, the first scenario seems to have been confirmed, which represented Minor X wave as an expanding triangle. The first Intermediate 4 wave target we had set was reached (0.5 Intermediate 3 retracement and Minor W 0.786 extension). Minor Y wave is still in construction and seems to be forming like a zig zag. Wave B Minute seems to have ended up as a double correction (w-x-y / descending triangle - zig zag). The next target is 20600 (Minor W extension and 0.382 Minute A extension). It follows the target 20800 (0.618 retracement of Intermediate 3 and 0.618 extension of Minute A.) The alternative scenario is that Minute B wave has not yet concluded (hypothesis valid if there is a further extension with respect to the 3 Minuette wave currently in formation and if consequently the index goes below 20290, overlap of Minuette 4).
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.