The FTSEMIB remains in its phase of correction of the long-term bearish trend. In particular, Wave 4 Intermediate would seem to be forming as a double three (double correction) WXY of Minor degree. The latter after finishing the W as flat expanded, has given way to the X, which at the moment seems to have completed as a double three (WXY) Minute grade. The latter...
A long black candle associated to increased volumes and the widening out of the Bollinger Bands give us a clear indication about the
next direction downwards.
A closure below the horizontal support will be devastating. 1st target at 1 euro. There is much more room to see the stock tumbling down
below 1 Euro
Thank you guys,
Couldn’t find good long-term data for the Italian stock market. The price action going into 2000 is clearly an upwards correction. Since 2000, the MIB has traced out a Simple Flat, follow by a triangle B Wave and the ensuing Super Cycle C Wave is going to be brutal. 'Italy' will cease to exist as a political entity by mid-2020…
'Italy' has always been desperate...
Our bias on the Italian stock market continues to be short. The deadline for presenting an acceaptable budget to the EU is Oct. 15th, and no progress has been made. Italy still remains on an opposing foot and thus the markets are maintaining the pressure on Italian stocks.
If there will not be good news for the Italian economic planning, I am expecting a bounce next week to re-test the resistance, then sell-off.
FTSE MIB got rejected hard from the monthly 200 MA on May 2018, when the new government was made. Since then, markets didn't do well at all.
And the answer is... not exactly! FTSEMIB It could go even lower than you think. This is a weekly chart so there's no call here.
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From a technical point of view, the Italian index could trigger something like a wave (5), and if this is correct, we do not rule out a new TOP in the medium term. That said, we can try to take a long position around 21.536/21.351, and put stop loss below 21.153. This setup has a good R/R ratio (> 1: 3).
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