Hi Jaysee,
I agree wth your analysis of NAB. The chart below shows NAB over the last 2 years, so if an impulse down has commenced, it is likely to be Wave C in a big fat correction down since Thursday 6 June 2002. As you suggested, the MACD and RSI very much favour this interpretation.
All the right proportions, etc, of the 5-wave impulse down are there. The only bug I can see with the 5-wave impulse down is Wave 5... it is shown in the Bigcharts image below, and as you can see is a messy affair. If it is Wave 5, then I would think it is an ending diagonal unless someone can resolve it into an impulse.
The move up from $31.85 on 25 July 2003 does look like a zig-zag correction. If all this is correct, then a nice shorting opportunity is looming in NAB, with the 3rd of C down about to start. In my mind, the safest approach would be to wait for confirmation of an impulse down from $33.08. Otherwise, a more agressive approach might be to use a breach of $32.70 as confirmation.
What with the ongoing saga of CBA grinding on a bit, I think I'll keep a close eye on NAB now. Thanks for the lead!
Regards,
Ultrafart.
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Last
$35.63 |
Change
0.320(0.91%) |
Mkt cap ! $109.9B |
Open | High | Low | Value | Volume |
$35.73 | $35.79 | $35.43 | $76.33M | 2.142M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 10799 | $35.61 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$35.68 | 2800 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 20 | 35.600 |
1 | 1000 | 35.530 |
1 | 1000 | 35.500 |
2 | 2000 | 35.450 |
1 | 1500 | 35.420 |
Price($) | Vol. | No. |
---|---|---|
35.700 | 300 | 1 |
35.730 | 1250 | 1 |
35.750 | 480 | 1 |
35.790 | 681 | 3 |
35.800 | 4848 | 5 |
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