It is the ability of the chartist to interpret the possible future movements. There are times when it can be incredibly accurate & others, when the market is trendless, that can be confusing. All I can do is say what my current interpretation indicates. The overall trend is certainly bullish which normally would indicate a continuation of the trend. I realize that I am in dangerous territory predicting a reversal but that is how I am interpreting the chart.
If the trend was to continue upwards in a huge 5th wave, as you suggested, it would indicate the length of the 5th wave would take the price to around $167.96 which seems rather excessive. This would then show a yield of 2.77% & grossed up 3.955%. That would not be too encouraging.
Currently, the S&P500 futures are up 0.15% indicating a positive U.S. stock market tonight.
Correction, page-37
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Last
$143.32 |
Change
-1.035(0.72%) |
Mkt cap ! $239.5B | |||
| Open | High | Low | Value | Volume |
| $144.35 | $144.40 | $142.80 | $60.06M | 418.3K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 5 | 94 | $143.31 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $143.32 | 274 | 9 |
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| Last trade - 14.10pm 05/11/2024 (20 minute delay) ? |
| CBA (ASX) Chart |