Over the last few days there has been an excellent post analysing and debating CBA (CBA - As predicted). Now CBA is at a very interesting crossroad and I thought I would open a new post to allow for this debate to continue.
Last week, Ultrafart listed the following post...
"viewing the chart from about 10 feet back, I reckon the following likely count for CBA:
Wave I down: $30.62 - $29.25 (23 June - 01 July)
Wave II up: $29.25 - $30.29 (01 July - 03 July)
Wave III down:
Wave III(i) $30.29 - $29.78 (03 July - 04 July)
Wave III(ii) $29.78 - $30.11 (04 July - 08 July)
Wave III(iii) $30.11 - $28.90 (08 July - 10 July)
Wave III(iv) $28.90 - $29.60 (10 July - 10 July)
Wave III(v) $29.60 - ??? (10 July - ???)
...still have Wave IV up to come, and Wave V down after that.
For this picture to hold true in the short term, CBA MUST go below $28.90 again without going above $29.78...
After that, it should rise again, but MUST NOT get above $29.25 before going even lower again...."
With the strong close on Friday (up 36 cents from its lows - albeit on low volume) and a solid night on Wall Street setting up a stronger opening Monday, the $29.78 level could well be under threat. If CBA rises and then pivots down at or below this point (maybe in a similar manner to its pivot off $28.90) then look out below - we will see much lower prices in the next month or so.
If, however, $29.78 is violated with conviction, it sets up a repeat of the price action we saw in May & June that set up the rise from $26.26 to $30.62 - suggesting new highs foe CBA in this movement and a copybook 5 waves up. Such a movement would have confirmed the recent price action as a classic ABC correction where C=A, viz...
A = $1.37 ($30.62 to $29.25)
B = $1.04 ($29.25 to $30.29)
C = $1.39 ($30.29 to $28.90)
Hence on this alternate count, we are currently in Wave III of Wave 5 up to new highs. The wave count to date being:
Wave 1 = $4.85 ($23.05 to $27.90)
Wave 2 = $1.64 ($27.90 to $26.26)
Wave 3 = $4.36 ($26.26 to $30.62)
Wave 4 = $1.72 ($30.62 to $28.90)
Wave 5 = ?
IF this is the correct count, then CBA cannot go any higher than $33.26 as Wave 3 cannot be the shortest wave.
Open for opinions and debate.
Regards,
Jaysee
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Last
$89.02 |
Change
0.850(0.96%) |
Mkt cap ! $156.4B |
Open | High | Low | Value | Volume |
$88.57 | $89.10 | $88.31 | $120.3M | 1.355M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
16 | 1313 | $89.00 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$89.02 | 287 | 8 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
8 | 622 | 88.990 |
1 | 90 | 88.970 |
2 | 306 | 88.960 |
2 | 308 | 88.950 |
2 | 236 | 88.940 |
Price($) | Vol. | No. |
---|---|---|
89.000 | 399 | 7 |
89.010 | 773 | 9 |
89.020 | 1112 | 11 |
89.030 | 1102 | 9 |
89.040 | 3073 | 6 |
Last trade - 13.07pm 22/04/2021 (20 minute delay) ? |
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Last
$89.10 |
  |
Change
0.850 ( 1.12 %) |
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Open | High | Low | Volume | ||
$88.53 | $89.10 | $88.32 | 135038 | ||
Last updated 13.27pm 22/04/2021 (live) ? |
CBA (ASX) Chart |