CBA 0.43% $80.34 commonwealth bank of australia.

why the current correction matters...

  1. 436 Posts.
    Hi all,

    For anyone interested, this chart shows CBA for the last 10 years. The chart clearly shows a 5-wave impulsive advance right up to $34.94.

    The 5-wave impulse down from $34.94 to $23.05 could be the start of a correction - in which case the lower line is the target (ie, $17 ~ $18). It could also be the start of a larger impulse down, in which case the downside target will be way below the lower line.

    Whatever the downward movement from the peak of $34.94 is, corrective or impulsive, it will resume when the current 3-wave upwards correction from $23.05 finishes. When this correction finishes, the downside for CBA will be substantial and lengthy.



    Regards,

    Ultrafart.
 
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