Greek market dropped about 5% today. The Athen Index Compos dropped 32 points to 579 at the close. This is the wave 5 of major wave C. Wave 1 of C dropped 53% over 15 months. Wave 3 of C dropped 63% over 11 months. If wave 5 of C has a steeper gradient for a final shakeout and if it were to drop 50% to 60% over say 7 to 9 months, the index will drop to below 400 by end of 2012.

Thing doesn't look good in Europe. The 10-year bond yield for Spain and Italy surged to 6.22% and 5.75% respectively. The possibility that Greece will be ousted from the Euro Zone is high, very high. Its exit will press the index towards 300 and it will pull along with it the rest of the European and Asian markets.

Visit Greece when it started to print its own currency, 

thing is going to be cheap. 

Booming tourism will bring Greece the hard cash that it needs.

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