Italy - The Big nail in Europe

This chart has not changed after everything bullish that has happened in Europe. Wave 2 up has retraced a lot but is still wave 2, as it has not surpassed the starting point of wave 1. The fall in wave 1 appears clearly 5 waves. So wave 3 down when it starts is wave 3 of C and should break all the previous lows. Interesting. It is not known that Italy has a combo of a banking and social problems bunched up together. Wave 3 of C should see them all unfold. The recent top is very near wave (2) of 1 high, and we may therefore be on the verge of starting this journey down again, for Europe's Periphery.