Correction, page-33

On heavily traded stocks there is usually a pattern to the trading.

The pattern on CBA from $109.94 to $141.34 shows a typical Elliott Wave pattern. There are 5 waves, the third of which is the longest of the 3 impulse waves & itself contains 5 clear waves. The 4th wave corrected exactly Fibonacci 61.8% of wave 3. The 5th wave was 52.4% of the total of the 5 waves & exceeded the expected 50% probably as it was cum-div. The 2nd wave of A in the correction of the 5 waves ended 12 cents above the expected 61.8% of wave 1 of A.

This wave pattern is a result of collective behaviour & is what one should look for in trying to predict future movements. It is far better than crystal ball gazing.

As I said previously, I expected the share price to hit the top as the stock was about to go ex-div. You did not have to be a rocket scientist to predict that occurrence. I can only predict what my reading of the chart tells me. At least I am making a call. Outside factors can make the stock go higher but it is not shown in the chart.