The structure seems to be fully formed and starting to roll over after breaking a year-long bull run.
Given the current state of the EU it is very plausible that we can see a longer-term trend lower.
Caution is in order.
Expect price to move lower.
As to Greece's economy, after the bankruptcy of 2010 and the many years of austerity, Greece was presenting clear improvement in its macroeconomic figures since 2018. Unfortunately the Covid-19 crisis has the potential to turn to a Mega Crisis and therefore this year and next year could be very difficult. As for the chart of the...
Greece is riding on a new Political Party Upswing. GREK is the only ETF from Greece trading in the US and is 2019's Star among Europe's ETF's. GREK is going long for a good while, ride the high!
Since the last few months, powered by the new elected government in Greece, GREK has been recovering. This recovery has to do with greater expectations investors have from the new government. GREK shows a clearly established upternd. A reasonable strategy would be to wait until the current swing is over, reaching the support and then to follow the uptrend.
GREK has broken upwards in late May following a Golden Cross formation in late April. The last 3 times a Golden Cross took place the ETF rose (on the cross date) by +8.40% once and roughly over +30% twice. Currently it is already up by +8.40% from the Golden Cross occurrence so if it starts breaking higher, we have a confirmation for an additional +20% rise, which...
Wave 2 of 5 is currently unfolding with a target in the 7.85 resistance area box. It is likely to last for another 2 months until it's termination. If that scenario holds, a long wave 3 it is likely to unfold and give a good chance for a bull market to last for several months.
Wave 3 can start unfolding before next year's elections which is an extra boost given...
GREK has been consolidating for more than a year since Feb 2016 low and is most likely building a base. IMO, it is a buy once closing above $8.41 (May 2016 high).
