CBA 1.24% $87.74 commonwealth bank of australia.

elliot stuff - for jaysee...

  1. 436 Posts.
    Hey Jaysee,

    curious for your opinion on CBA at the moment.

    It's broken every "line in the sand" on the way up lately. I'm fairly (but not completely) convinced that it wants to head up further yet.

    Noticed today another possible alternate count for the recent action. From the high at $30.62, then a 5-wave impulse down to $29.25, one could posit an expanded flat now underway, the C wave of which:
    - started at the low of $28.90,
    - should be either an impulse or ending diagonal, and
    - has a target endpoint between $30.29 - $30.62.

    If an impulse, this alternate count won't diverge from the wider view that CBA is on the way up to new highs until the target range, when it then should turn down again if correct. If an ending diagonal, the 3-3-3-3-3 structure should give it away before the turn arrives.

    I tend to think the preferred count now is that CBA is going up - if so, how far is the question? My trouble is that I'm still not convinced of the larger bullish view - it just doesn't look right. The idea of an expanded flat from $29.25 sits better with me than a W-X-Y down to $28.90...

    The other nuisance just now, which undermines my confidence in the immediate bullish view, is the whole move up from $28.90. I can count it as an incomplete 5-wave impulse:
    5=$29.53-$29.94? (not complete? wave i & v overlap...)

    ... but I can count it more convincingly as a complete 3-wave correction:


    Wave C in this view has the wave i & v overlap, 3-3-3-3-3 structure and wedge shape of an ending diagonal. The last wave from $29.53-$29.94 qualifies nicely as an ABC structure. Within Wave C, the limit on wave v=$29.98 (to keep wave iii from being shortest).

    BUT it has gone beyond the 78.6% retrace of the prior impulse down...

    So any illuminating thoughts you may care to offer would help to ease a troubled mind...


watchlist Created with Sketch. Add CBA (ASX) to my watchlist
(20min delay)
Mkt cap ! $157.6B
Open High Low Value Volume
$88.69 $88.83 $87.57 $161.4M 1.835M

Buyers (Bids)

No. Vol. Price($)
1 1250 $87.72

Sellers (Offers)

Price($) Vol. No.
$87.75 2000 1
View Market Depth
Last trade - 16.10pm 20/04/2021 (20 minute delay) ?
-1.100 ( 1.23 %)
Open High Low Volume
$88.76 $88.82 $87.58 123345
Last updated 15.59pm 20/04/2021 (live) ?
CBA (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.