cba wave 4c underway?, page-9

hi jermaynew,

very wise to have a level of cynicism re Elliot waves. the Elliot patterns are a mass-movement phenomenon - it shows up more clearly when lots of people are involved, and especially when the market is behaving emotionally, and less clearly with less people or less emotions. my motto is, if an Elliot structure shows up, exploit it while it lasts. certain patterns are powerful in their predictive content - others are next to useless. Elliot theory doesn't automatically apply across the board - only in certain stocks, and even then not all the time.

on CBA, if the previous posts are borne out, then CBA should be heading down to somewhere between $28.90 - $27.90, and will probably bottom out in the 1st week of September. The dividend being paid on 25 August may have a hand in that process.

Meanwhile, notwithstanding the above, I expect CBA to rally back up well above $30.62 between now and Christmas 2003.

if it doesn't work out that way, don't have a cow. anyone taking positions in the market should have their stops worked out before they trade.

regards,

Ultrafart.