Today's price action has closed the gap in the chart below $155.57 with the move up to $155.73.
The move today should have satisfied the upside & left it open to resume the correction although this move up of 44.2% of $161.73 to $151.00 ($10.70) is not close to a recognised Fibonacci number & if, per chance, the price was to extend past $155.73 then $156.35, being the 50% retracement, should act as resistance. Beyond that is $157.61 which is the 61.8% Fibonacci retracement level.
In checking the smaller time periods than the daily chart, there does appear to be a clear 5 wave pattern in the move from the top of $161.70 to $151.00 & there is an A,B,C wave pattern from $151.00 to $155.73 which forms either a larger degree B wave or 2nd wave, yet to be determined.
We await the C or 3rd wave down which is likely to be a minimum of $10.70 or possibly about $17.31 if it is a 3rd wave.
CBA Price at posting:
$155.62 Sentiment: Sell Disclosure: Not Held
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