Will the wedge/bear flag building out on Italy’s daily chart turn out to be a halfway pattern to the downside?

If it is, how far is EWI likely to fall?

 

If Italian stock markets start really dumping, will that sell-off be contained to just Italian markets or spill over to the rest of European equity markets?

If European markets start dumping, will those sell-offs be contained to just European equity indices or will those sell-offs spill over to the ROW ex-US?

If all major developed world equity indices ex-US are selling off hard, will US equity indices remain unaffected?