LucaDallago

FTSE MIB Elliott Wave Analysis Update

MIL:FTSEMIB   None
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).
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