Saturday, August 3, 2013

Greek Stock Market with Elliott Wave count update - from Elliott Wave Technician's July Investment Newsletter

We have updated the long term Elliott Wave count of the Greek stock market using a monthly chart. The Greek stock market is declining in a large cycle wave “C” marked in blue color. The end of wave "C" and a long term bottom in the Greek stock market is still a few years away.

From the peak in 2000 down to the all time low in 2012 the decline was approx. 94%. The decline in primary wave “3” of Cycle wave “C” marked in blue color is complete.

A rally in primary wave “a” of wave “4” marked in black color has topped. The decline in wave “b” marked in black color is in progress with a down side potential of around 600 on the index.

The whole of wave “4” could last into 2014. It could be an a,b and c flat correction or a sideways triangle which is very common in 4th wave positions. 

The above is an extract from Elliott Wave Technician's July 2013 Investment Newsletter published 31st of July 2013.

Geir Solem

Elliott Wave Technician
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