NAB 0.16% $28.92 national australia bank limited

ultra - your opinion

  1. 144 Posts.
    Ultra (and others),

    Was looking at the recent price action on NAB (since 25/6) and wonder on your opinion / interpretation. It looks to me as if NAB has completed a five wave movement down and could have completed today a 3 wave ABC up. Here are my thoughts....

    W1 : $34.38 to $33.24 = $1.14
    W2 : $33.24 to $34.11 = $0.87
    W3 : $34.11 to $32.02 = $2.09
    W4 : $32.02 to $32.87 = $0.85
    W5 : $32.87 to $31.90 = $0.97

    A : $31.90 to $32.75 = $0.85
    B : $32.75 to $32.16 = $0.59
    C : $32.16 to $33.08? = $0.92

    The reasons I am leaning this way are are:

    The certainly seems to be a 5 wave downward thrust;
    What I have labelled as W3 looks like a W3 (ie very impulsive), and;
    The movement off $31.90 looks corrective when looking at its structure and associated MACD / RSI.

    Opinions and thoughts? I am wary of reading too much into this as it could also be viewed as a correction of the movement up from $31.05 and we are now entering another upward movement.

    Regards,

    Jaysee
 
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