Friday, 5 October 2012

Athens General Index rises amidst merger rumors

Following our previous bullish analysis of the ATG (, we find the index amidst rumors of impeding banking mergers. The move from 580 looks impulsive, however we have to be cautious as the 4th wave (triangle) has ended and we break out on a final 5th wave. The entire upward move could be in danger of an abrupt end as this could very well be part of a larger upward correction. For now we know for sure that our initial targets above 800 have been met. This is not an indication to go short, but and indication to raise stops. The possibility of this upward move continuing into a larger impulsive move and a longer term trend change are equally possible with the negative scenario. If you need help trading in the Athens stock exchange don't hesitate to contact me.

Thank you for reading my thoughts.

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