steveoliveira

Italy can retrace?

INDEX:MIB   Italian MIB Index
572 1 3
We have here a retest of the resistance zone while showing a very bearish combination of candles.
I expect to see some downside in the next days, probably testing the 16600 zone which was a previous rotation area. It could develop in an ABC format.

We didn't see the retest of the mid point at 17600, but the tape continue to show selling strength.
MIB has completed his 38.2 percent fibo retracement.very powerful bullish ingulfing candle has formed at 38.2 percent at fibo level. it seems to me that MIB is now starting an uptrend.
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