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Greek stocks have rallied hard since June. At first glance we can oberve the 3 wave upward move in the index until late October.
Now it is time for things to get clear, whether we are still in an upward impulsive move or in a new downward move. Lets start with the bullish scenario.
As depicted on the chart we can count this sharp decline as wave 4. It has retraced as much as 50% of wave 3 and it is time now to start rising in the final 5th wave upwards. This might be the final upward wave but also the confirmation of a longer term trend change. Wave 3 was 1,618% of wave 1. Thus most probable wave 5 targets are:
- wave 5 is equal to wave 1, near 950 level.
- wave 5 is 0,618 times of wave 1+3, near 1025 level
- wave 5 is 1,618 times of wave 1, just above 1050 level.
If the market however has finished a 3 wave upward correction at recent high 910, then a new downward impulsive has started. An initial confirmation that a new downward impulsive wave has started will be given if the high of wave 1 is overlapped(662 level). Targets are new lows with all its consequences.
Disclosure: None of the information or opinions expressed in this blog constitutes a solicitation for the purchase or sale of any security or other instrument. Nothing in this article constitutes investment advice and any recommendations that may be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. Any purchase or sale activity in any securities or other instrument should be based upon your own analysis and conclusions.
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