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 - http://blog.elliottwavetechnician.com/