CBA looks at though the 28.92 level (approx, where A or 1=C or 3) held this morning. So this allowed a kick up today. The big question is whether the larger trend has change to down even though CBA has not broken the line yet. The other banks have.
If it has then 28.90 level is Wave 3 finish point of Wave 1 of C. Wave 4 pushed to 29.60 which was 70/121 of Wave 3 (within 4 cents of 61.8% retracement). The begining of 5 will be confirmed with a move below 29.30 (the retracement level from 29.50 this morning). If confirmed then the target becomes arrox 1.40 below 29.60.
Critical levels are: 29.30 downside pentration should see acceleration down. 29.78 critical for Wave 3 or C. Above then the down move is only a corection of the March uptrend. Not a new trend.
My thoughts only.
noip Short
CBA Price at posting:
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