Friday, 2 November 2012

Greek General Index elliott wave count

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:
  1.  wave 5 is equal to wave 1, near 950 level.
  2. wave 5 is 0,618 times of wave 1+3, near 1025 level
  3. wave 5 is 1,618 times of wave 1, just above 1050 level.
This does not mean that the market cannot go higher. However these are the most probable 5 wave terminal targets.

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.

If you need help trading greek stocks, don't hesitate contacting me.

Thank you for taking the time to read my post.

 Update of the most possible, according to our analysis, wave count for the General Index. Impulsive upward waves should continue to form for this count to be valid. Until now, one upward impulsive wave has been formed. Minor pull back expected and continuation of upward move with new impulsive wave needed. Small possibility that downwave completed is only wave A of correction. Less possible that upward correction fully complete and new longer term downward move started.


  1. It looks more like a abc rebound before a new fall!

  2. The decline if you take a closer intraday look does not look as a clear impulsive wave...that is just my opinion of course...