Good news from Greece for the time being. A small impulse wave up formed and that might mark the beginning of a larger degree move up. Though it is not certainly a bull market it might be a bull run of sorts. If you are an investor in the World markets you might want to own Equities here as the worst is over for the time being.
The Greek market has been falling in a downward channel. The recent moves can be marked as waves 1 and 2 and should be part of a 5 wave rise in wave C up of very large degree with the potential to push as far as the upper channel at 1600 from 680 right now. In the very short term it is possible that wave 2 pulls lower till 617 near the 61.8% mark before wave 3 up starts.
An alternate path could be this. After completing A-B-C down in a bear market it is forming a triangle base. Then this rise is wave D of a triangle and would not go much above the 61.8% mark or maybe 78.6%. 61.8% is at 1056. That is still a good upside and can last for months. Can all this happen as world equities turn lower I do not know. I am trying to look at this chart independent of my other views on everything as it is at the end of great negative sentiment and that should be a sentiment extreme associated with some kind of bottom now that the news is behind us.