Nathanael
Long

NBG Almost finished Double Zig Zag Wave 2

NYSE:NBG   NATIONAL BK GREECE S A
NBG             Long term Chart:
Double Bottom / End of wave B in Corrective Flat


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.
Definately a frustrating long play I have on this long term on options going out to 2016...
+2 Reply
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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As long as the market at large can sustain its bull trend, this is how I'm trading NBG this year
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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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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 3
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Wave 3 is commonly 161% of wave 1, so using that we have a high target of 5.30.
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