vlad.adrian
Long

Italy - Ready for another rally

FX:ITA40   None
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It looks like Italy finished correcting and is heading for 23000. At 23000 there is the magic 1.27% fib level (magic in this particular chart) and if I would imagine where the envelope will be after a rally, I believe it would come in the vecinity of 23000.
Look how after breaking local support, Italy starts rising, it never stops at the support level , it breaks out, fools the herd, everybody's bearish , and up it goes. Picture looks the same today. I will open a position at the open. Keep in mind that on Thursday Mario Draghi has a press conference and he might pump some steam into the stock markets. Check out the previous chart on Italy.
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