Hi all,
For anyone interested, this chart shows CBA for the last 10 years. The chart clearly shows a 5-wave impulsive advance right up to $34.94.
The 5-wave impulse down from $34.94 to $23.05 could be the start of a correction - in which case the lower line is the target (ie, $17 ~ $18). It could also be the start of a larger impulse down, in which case the downside target will be way below the lower line.
Whatever the downward movement from the peak of $34.94 is, corrective or impulsive, it will resume when the current 3-wave upwards correction from $23.05 finishes. When this correction finishes, the downside for CBA will be substantial and lengthy.
Regards,
Ultrafart.
why the current correction matters...
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Last
$135.71 |
Change
0.810(0.60%) |
Mkt cap ! $226.4B | |||
| Open | High | Low | Value | Volume |
| $133.51 | $135.90 | $133.29 | $154.6M | 1.146M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 16 | $135.69 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $135.73 | 254 | 5 |
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| Last trade - 15.52pm 30/07/2024 (20 minute delay) ? |
| CBA (ASX) Chart |