chart suggesting $26-40 support?

Howdy folks,

Just looking at NAB in great detail as it is obviously a topic of great discussion lately.
I have found a couple of interesting observations with this stock.
Now many people want to know what NAB is really worth fundamentally. I believe this question is irrelevant as every expert will have a different answer. So lets study the T/A.
I have placed fibonnaci ranges, to the best of my ability, over NAB dating right back to 1990. I perceive it has used 4 ranges since it listed. (AlphaCenturian I would dearly love some feedback).
Now what can we make of all of this??
The first point I would like to make is that NAB has only had 2 major retracements in it’s history.
I will point out that I am ignoring the low formed after the September 11 events as this is an anomaly which will show up on all the charts. Therefore I believe the $23-80 low (marked with red arrow) is not really the support target level we should be hoping for.
During the two retracements NAB fell in a channel setup. Measuring the price drop during the first retracement we saw a drop of $10-40 ($30-28 > $19-88).
The retracement ended when the price found the level at which multiple fib lines from separate ranges corresponded. We can also note bullish divergence on the momentum indicator.
Now looking at the present retracement. NAB hit an all time high of $36-78. If we use the first retracement as a guide, then by subtracting $10-40 we get a theoretical target of $26-38. Does further T/A support this?? Well I could not believe the evidence supporting this hypothesis. The lower trendline of the current down channel intersects with a point at which 2 fib lines, from different ranges, intersect .This is also at the projected price target of $26-40. We are also witnessing bullish divergence on a more subtle scale on both the momentum and rsi indicators.
Could $26-40 be somewhere very near the bottom of this retracement????
I will be very interested to see how this one unfolds.

Comments encouraged.


Regards

Commy