It requires Indepth study, years of practice & an ability to interpret the individual wave movements. The waves are used in conjunction with Fibonacci numbers & indicators to confirm your assessment of the correct wave count. It is worthwhile making the effort to understand the waves as it often stops you from selling too early or buying too late.
My current assessment is that a rise in the price is imminent, but it is not the time to buy. I would prefer the CBA price to come down to about $128.55 before even contemplating a buy. The danger even buying then is that it may only be a B wave in the correction that takes the price higher. That B wave would correct a percentage of the fall so far before plunging back down in the final C wave. It is near the bottom of the C wave where it should be safe to buy.
Working the numbers gives you a reasonable chance of buying at the correct time.
CBA Price at posting:
$134.19 Sentiment: Sell Disclosure: Held
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