ATG, Athens index

ATG  jan 25 2015

Tomorrow there are elections in Greece. It would be nice to have advance look at what might be in store. The stock index for /Greece comes from about 5000 plus so clearly it has not done very well. More importantly the rise over the past, nearly two years take the shape of an a-b-c, one that is perfectly symmetric. These are corrective, counter-trend structures so the next big move should be to new lows. So far we clearly have a 1-2, 1-2 situation so a continuation of the downtrend is the most likely outcome. Having said that, we have no clear idea in what part of a wave 3 we are in right now, and therefore it is not possible to say anything about the immediate future other than that it is not likely to trade above 900 and very likely to trade below 500 soon.