ultra - your opinion

Ultra (and others),

Was looking at the recent price action on NAB (since 25/6) and wonder on your opinion / interpretation. It looks to me as if NAB has completed a five wave movement down and could have completed today a 3 wave ABC up. Here are my thoughts....

W1 : $34.38 to $33.24 = $1.14
W2 : $33.24 to $34.11 = $0.87
W3 : $34.11 to $32.02 = $2.09
W4 : $32.02 to $32.87 = $0.85
W5 : $32.87 to $31.90 = $0.97

A : $31.90 to $32.75 = $0.85
B : $32.75 to $32.16 = $0.59
C : $32.16 to $33.08? = $0.92

The reasons I am leaning this way are are:

The certainly seems to be a 5 wave downward thrust;
What I have labelled as W3 looks like a W3 (ie very impulsive), and;
The movement off $31.90 looks corrective when looking at its structure and associated MACD / RSI.

Opinions and thoughts? I am wary of reading too much into this as it could also be viewed as a correction of the movement up from $31.05 and we are now entering another upward movement.

Regards,

Jaysee