Morning peony-rose, Forgive my late reply as I'm currently trying to build a house. Good to see you take an interest in the technical side of the game.
Yeah I'm a bit of a 'Westy' at heart if I'm honest but hey I thought 'Lads' might serve as a nice abbreviation for lads, ladies & ladettes? They were the three main categories when I was growing up! ...and don't knock the bitches out there. Some of my best mates are bitches...both male & female...& they own it.
Now, back on topic. I got a bit ahead of myself in the last chart...anticipating a 3rd tripple...where, instead, it now appears to have slipped into a little triangle. Nothing wrong with that & it makes little difference in the scheme of things as I still expect the larger tri to play out regardless of, or if you like, because of, the shorter time frame patterns.
This wave 4 consolidation is now in its 14th day so looks nicely on track to run the typical approximate timeframe of twice wave 2 (9days) in this particular case.
As is apparent in the chart, I'm anticipating a retrace to complete the small tri, a squirt back to the top boundary of the larger tri & then a final short retrace before blasting out the top.
Obviously this level of detail is more relevant to shorter term operators but, you can see how the long term investor might benefit if looking to accumulate or reduce...depending on their personal strategy.
Good luck & remember this is my take on things only.!
CBA Price at posting:
$158.21 Sentiment: None Disclosure: Not Held
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