Everybody is talking Greece these days, so lets take a look at the Greece stock index.
As can be seen wave 5 down is in motion. As long as support at 2,071 isn't broken we could see a short term correction (A-B-C) higher towards the top of wave iv at 2,480 which is also close to the 50% retracement of the fall from 2,932 to 1,075, which comes in at 2,503.
After the A-B-C correction to the 2,480 - 2,503 area a new powerfull downmove through support at 2,071 should be seen for a declince to at least 1,210.
The first surprise came from Dubai now Greece seems to be in deep trouble, but I do think that the much wearker Baltic countries like Latvia or Lithuania could collapse before the weaker European PIGS (Portugal, Italy, Greece and Spain), but this raises the risk aversion picture overall - Tail risk and Black Swan scenarios
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