Nathanael
Long

NBG Almost finished Double Zig Zag Wave 2

NYSE:NBG   None
NBG Long term Chart:


I strongly believe we are currently in a corrective wave 2 of a long term wave C pattern that should complete near the fall, end of the year.

What I previously thought was an expanding diagonal (https://www.tradingview.com/v/XG2mSMoK/) now appears to be a double zig zag corrective wave 2. If A=C in the corrective zig zag , then we can retrace as far as 2.95, but using channeling, fibs, and market sentiment as a whole, I believe we might start to bend up before that, around the 3.09-3.18 mark. That would be a great LONG entry.

If we dip below the bottom of wave 1 (2.90) then ALL BETS WOULD BE OFF, as wave 2 can never retrace more then wave 1. However, if this turns around when I intend, we should experience a strong wave 3 move to the upside soon.
Seeing some strong impulsive moves to the upside. Will be confirmed next week and will hopefully have more volume, but its looking like the beginning of a wave 3https://www. Wave 3 is commonly 161% of wave 1, so using that we have a high target of 5.30.
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As long as the market at large can sustain its bull trend, this is how I'm trading NBG this yearhttps://www.
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Trance-Man Nathanael
Keep us posted, interesting and does make sense if it DOES play out this way.
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Nathanael Trance-Man
Like I said in my description, I am worried about the market as a whole right now.... S&P needs to correct eventually, and unfortunately market sediment trumps and controls this little weak stock right now. We will see how she plays out. Good Luck
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I can also see the last bit of this corrective wave 2 playing out in a triangle, like this:
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Nathanael Nathanael
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Definately a frustrating long play I have on this long term on options going out to 2016...
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