CBA 0.97% $80.83 commonwealth bank of australia.

at crossroads

  1. 144 Posts.
    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
 
watchlist Created with Sketch. Add CBA (ASX) to my watchlist
(20min delay)
Last
$80.83
Change
0.780(0.97%)
Mkt cap ! $143.0B
Open High Low Value Volume
$80.46 $80.89 $79.97 $259.4M 3.219M

Buyers (Bids)

No. Vol. Price($)
1 250 $80.80
 

Sellers (Offers)

Price($) Vol. No.
$80.84 9132 3
View Market Depth
Last trade - 16.10pm 12/11/2019 (20 minute delay) ?
(live)
Last
$80.62
  Change
0.780 ( 0.89 %)
Open High Low Volume
$80.47 $80.88 $79.99 169073
Last updated 15.59pm 12/11/2019 (live) ?
CBA (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.