Ultra,Some interesting ideas - but none of which I can really...

Ultra,

Some interesting ideas - but none of which I can really get hot under the collar about at the moment as I am as equally confused as you are on the intraday counts. Just looking at the hourly and the strength of CBA in the face of overall market weakness, one could almost draw the conclusion that we are seeing a leading diagonal from $28.90 - it just seems to have that "feel" about it. I was most surprised as to CBA's strength yesterday after the bond market slide - logic dictates it should have gone down hard as it had in similar bond market movements.

Given this confusion, I have put aside the intraday counts for the moment and am letting the MACD (15 Min, hourly and daily) tell me what is going on - my read here is that CBA does want to go higher and indeed may set a new high which will almost certainly create a MACD divergence on the daily chart and so declare its hand. My price target is simply something north of $30.62 (I have set meself a target of $31 to bail out at) and I suspect that the hourly MACD may well give us even more clues at the top.

Sorry I can't help shed light on your intraday counts at the moment - as I said I am totally confused and would be very much just providing a guess.

Regards,

Jaysee