FTSE MIB Elliott Wave Analysis Update

The FTSE MIB index remains within Intermediate wave 4 .Minor wave X seems to have definitely ended up as a triangle, even if the Minor wave X scenario as a double three (as proposed in last week's analysis) still remains open. In the first case (Minor X is triangle), at present, the index is in the Minute wave A of Minor Y and specifically, in its third wave of the Minuette degree. In the second case, the double three of the Minor degree that composes Intermediate 4 wave is composed both in W and in Y by a flat correction, forming what could be called a "double flat". In this case the MIB is in the Minute C wave of the flat Minor Y and in particular, in its third wave of the Minuette degree. On the operative side, it is recommended to have both the mode and the function of the wave on one side. The first Intermediate wave 4 target is still 20300 points (0.5 of Intermediate 3) that matches the Minor wave Y target (0.786 of W Minor).