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.