After a sharp decline where it broke also below the 16.5 , $EWI used the last couple of week to made a small pullback (in a form of a ) right back into the 16.5 zone (now resistance).
Since C point (16.5) was right at the 61.8 Fib level, we may see a possible pattern which will be complete near 14$. If that's the case, we are talking about another sharp decline coming real soon.
We already saw the first signal as the broke below the pattern and it seems like that the only thing that can prevent Italy from completing the pattern is another "pump" from the Fed or the ECB.
16.5 is the critical level to watch. A close above it will violate this analysis.