Wednesday, February 25, 2015

Greek Stockmarket - The feast of the bears continues

This is an update to our earlier Elliott Wave analysis of the Greek stock market which has followed our forecast to a tea and declined steadely over the years.

Another substantial decline is coming that will take the market well under the 2012 low. We label the coming waterfall decline as wave 3 of the final wave 5 marked in blue colour.

Technical analysis of the Greek stock market.  Source: Elliott Wave Technician

We think that current decline of the Greek stock market in wave "5" could last until June 2016.

As we have said many times before, "This has implications for the Greek banking system. Will a another collapse of the Greek stock market to new record lows put the banks in a similar situation as banks in Cyprus or even worse, and will Greece exit the Euro ?"

Geir Solem

Elliott Wave Technician
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