Genikos Deiktis Athens – 20 Dec

The Athens General Index has been rising inside an uptrend channel since the lows made in June, although the Banking sector has been a laggard.

It looks like we are currently at the 5th wave of this upmove. However be very cautious here because this Wave is not impulsive, but rather a zig-zag consolidation at the bottom of the uptrend channel.

A retest of the October high at 911 is highly likely. Wave 5 and the up move will end if the Index falls below 750 (double low from November).

Petros