FTSE MIB Elliott Wave Analysis Update

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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 was formed as a double zig zag, and the sub-waves of X Minute are a double correction of Minuette degree (expanded triangle / zig zag). The current scenarios in the short term are:
-as just described Wave X Minor ended and Wave Y Minor started, in particular we would be in its first sub-wave;
- Wave X Minor did not end as a double three, but is forming a triangle (ABCDE) or a triple correction (WXYXZ).
One possible target of Y Minor is the Fibonacci retracement of Wave 3 Intermediate as illustrated in the daily chart on the left.