In the chart, you would notice the divergence in the RSI between the 3rd wave & 5th wave & for that matter the B wave, indicating that the market was due to reverse. The onbalance volume indicator was getting towards the top which also indicates a reversal.
The 4th wave retraced exactly 61.8% to the exact cent, further indicating that it was a 4th wave. The 3rd wave comprised of a simple 5 wave count which is usually expected. The 3 impulse waves were $12.61, $21.60 & $16.45
I believe the 5th wave top was at $141.34, the moment the stock went ex-div. What followed, I believe, was a running correction with an a,b,c for A, an a,b,c,d,e for B & we are now in the C wave.
The following corrections could be considered, based on the entire move from $109.94 to $145.24:-
38.2% = $131.76
50%%= $127.55
61.8%= $123.42
The latter looks to be closer to real value.
CBA TA update, page-1345
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 (20min delay)
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Last
$141.05 |
Change
-2.720(1.89%) |
Mkt cap ! $236.0B | |||
| Open | High | Low | Value | Volume |
| $143.40 | $143.49 | $140.79 | $366.4M | 2.593M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 500 | $141.00 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $141.19 | 216 | 1 |
View Market Depth
| Last trade - 16.10pm 11/09/2024 (20 minute delay) ? |
| CBA (ASX) Chart |