CBA (ASX) - Elliot wave and Potential zones of interest
Elliot wave complete since COVID March 2020 low
Projecting FIB targets for a zone of interest to potentially start accumulating or pyramiding long.
A confluence of FIBS with Key horizontal Support, moving averages (200EMA), and Ichimoku.
Wait for base to form and confirmation before entry and market sentiment to support the bais.
Commonwealthbank
CBA Daily TimeframeSNIPER STRATEGY
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Commonwealth Bank Long Setup After seeing the Banks in a major consolidation for almost 5 years now it seemed like an appropriate time to back them based on the long term bull channel with strong support levels.
No current material Take Profit in mind with discounted shares bought for long term dividend reinvestment plans being the goal for this one.
Based on where we are in the channel it probably is still a relatively discounted period if that next horizontal support does not cause a turn around.
Do your own research!
Happy Trading
let it settle down and trade come to you ~ $72.00I think I will be looking for entry at around $72.00 range.
also, it's important to note how it progresses after 12th Aug 2020.
I think there is still a lot of room to up - still my eyes are on the range of $78 - $80 range.
P.S: please note these are my own notes for future reference, by no means trading advise to anyone. please do your own research before entering into any trade.
sit tight & get ready to ride upi think currently market is trying to consolidate and soon it will resume up trend and bulls will take control of market, because:
1. price is continuously above 200 days moving average.
2. during last three weeks for 5 days price gone above 50 days moving average.
3. most of the volume is in the range of $70.80 - $72.20 range which is above 200 days moving average and pretty close to 50 days moving average.
4. based on last one year volume price comparison next targets should be:
4.1. $77.00 - $78.50 range
4.2. $78.50 - 80.00 range
I think we are not to far from upwars breakout.
if you like my ideas please give me thumbs up or leave comments. i think not may people are sharing their idea on this asset. i would really appreicate and incouraging if you consider donating some Tradingview coins.
P.S: These are my own notes for future refernce, by no means trading advise to anyone. please do your own research before entring into any trade.
Prive Volume Analysis - $77 - $78.50 range is possibleif we have price /volume comparison, it's pretty obvious that market likes the price between following ranges based on volume:
1. 67-69 range
2. 70 - 71 range (current range)
3. 70 - 72 range
based on last one year data,I think 77 to 78.50 range is actually where more trades took place than 70 - 72 range.
given this scenario, I think if we get some decent volume and some good news price will easily touch 77 - 78.50 range.
I am still pretty bullish on this asset, as it's holding it's position very well.
p.s: please note these are my own notes and by no means trading advise to anyone. please do your own research before entering into any trade.
What goes up ... comes downwhile looking for good entry position for long.
from this point 71.20 down trend continues, the only good support is at 69.86 and next support at 67.64 doesn't look very strong neither 65.09.
if price continues falling then I think it will only stop at ~ 58.68.
P.S: these are my notes for future reference, by no mean trading advise to anyone.
wait for 69.50 and then 74.40I think the price won't fall below 200 days moving average, for next couple of days we may see a down trend may come around 69.50 but from there we should see upwards trend to touch 74.40 ...
P.S: please note these are my own notes for learning purpose, by no means trading advise to any one. please do your own research before entering into any trade.
we should see high volume between 69.11 to 67.70if today's price closes at or below 69.00 then tomorrow we should see higher volume between 69.11 to 67.70 range.
I think it would be good idea to load up some shares at around 67.70.
P.S: These are own notes for my future reference and by no means trading advise to anyone. please do your own research before entering into any trade.
just hold on to it and wait for $80 rangeI think, it's pretty evident that price likes the range of $80.00. as we can see in weekly, daily and 4 hourly charts.
I think if we are holding then we should just simply hold on to it and wait for the price to touch $80.00 range.
p.s: please note these are my own notes for my learning/ future reference, by no means trading advise to anyone. please do your own research before entering into any trade.
next 73.30As it was noted that we should see higher value in this range and price not fall below 200 days moving average.
I think now we should soon see price going up to 73.30.
p.s: these are my own notes for future reference and by no means trading advise to anyone. please do your own research before entering into any trade.
what if 67.70 support failsi don't see major support if 67.70 support fails, in that case price would go all the way down to around $60.10. next considerable support zone are 67.50, 65 - 64 then 62 - 61. May
be good strategy for long position is to buy in stages.
stage 1: 67.70 zone
stage 2: 65-64 zone
stage 3: 62-61 zone.
P.S: please note these are my personal notes for my future refernce and by no means trading advise to anyone. please do your own research before entering into any trade.
Elliott Wave in a chopping situationI think I can see Elliott Wave pattern but not sure how it's going to happen in current market situation.
I think the trend is still upwards (which is great) but for next few days price will swing between support & resistance 72.300 and 74.50.
since today's run was reasonably good after 5 days of price correction.
I would be keeping an eye on tomorrow's market situation especially how it opens and closes.
I think we should expect next bull run soon.
good support at 72.300As I noted in my previous idea, that it's going to get support at 72.300, which it is getting at the moment.
As it can seen in hourly chart. At this point it is still in upwards channel but it it falls below support level it can possibly fall below the up trend channel and come down below 72.00. with current market sentiment it's bit difficult to decide to make a trade. I think I will wait see see how it looks like at market closing.
Please note these are my own notes for my reference and by no means trading advise to anyone. please do your own research before entering into any trade.
Wait for entry position at $73.00looks like at the moment the price is between support and resistance.
the overall trend is positive getting support from MA50&200 which is positive sign.
I will wait for entry around 73.00 - 72.50, apparently looks like market is going to close around 73.500.
these are my own notes, by no means advise to anyone. please do your own research before entering into any trade.