We're going deeper into Carnival disguises here.
This "Gypsy" is for sure a man in gypsy's clothes, using the disguise to take advantage of the ladies that can't leave their house (unmarried girls?).
The arrow may be a sign of hitting her heart, a cheap symbology for who needs to believe.
"Da cingare Costei merca ventura
c' averla in don da un maschio
non si cura"
"From a gypsy She pays
to know her destiny
that she doesn't mind to receive it
from a male" (in female gypsy clothes)
