CBA Stock Analysis & Elliott Wave Technical Forecast

Greetings, Our Elliott Wave analysis today focuses on the Australian Stock Exchange (ASX) and the Commonwealth Bank of Australia (CBA). Currently, CBA is unfolding in wave 3 (grey) and subdividing into wave ((iii)) (navy), indicating potential for further gains. We are closely monitoring CBA for a long trade setup.

ASX: COMMONWEALTH BANK OF AUSTRALIA (CBA) Elliott Wave Technical Analysis

1-Day Chart (Semilog Scale) Analysis

CBA Elliott Wave Technical Analysis

Function: Major trend (Minor degree, grey)

Mode: Motive

Structure: Impulse

Position: Wave (ii) (orange) of Wave ((iii)) (navy) of Wave 3 (grey)

Details:
CBA has completed wave (i) (orange) in a Diagonal form. Now, wave (ii) (orange) is expected to push lower with an immediate target around 122.50. We are watching for a long trade setup.

Invalidation point: 123.40

Commonwealth-bank-of...


ASX: COMMONWEALTH BANK OF AUSTRALIA (CBA) Elliott Wave Technical Analysis

4-Hour Chart Analysis

Function: Major trend (Minuette degree, orange)

Mode: Motive

Structure: Impulse

Position: Wave b (grey) of Wave (ii) (orange) of Wave ((iii)) (navy)

Details:
The short-term outlook shows wave (i) (orange) has ended, and wave (ii) (orange) is unfolding in a Zigzag pattern. Wave b (grey) is nearing completion, followed by wave c (grey), targeting around 122.50. Afterward, wave (ii) (orange) should complete, allowing wave (iii) (orange) to push higher.

Invalidation point: 116.64

Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

Previous: ASX LIMITED - ASX Elliott Wave Technical Analysis

Special Trial Offer - 0.76 Cents a Day for 3 Months! Click here

Access 7 Analysts Over 170 Markets Covered. Chat Room With Support

Commonwealth-bank-of...


Conclusion

Our analysis provides insights into the current trends and strategies to capitalize on them. We highlight specific price points for validation or invalidation of our wave count, enhancing confidence in our forecast. This combination offers a professional and objective perspective on market trends.

Related

ADANI PORTS and SEZ Elliott Wave Technical Analysis: Stay Updated on Trading Strategies and Stock Trends for 2024

ADANI PORTS and SEZ Elliott Wave Technical Analysis: Stay Updated on Trading Strategies and Stock Trends for 2024

Adani Ports & SEZ stock is progressing within an Elliott Wave impulse structure, targeting levels ab...

Read More >
Advanced Micro Devices Inc. (AMD) Elliott Wave Technical Analysis Provides Traders with Valuable insights into AMD's price movements

Advanced Micro Devices Inc. (AMD) Elliott Wave Technical Analysis Provides Traders with Valuable insights into AMD's price movements

Our detailed Elliott Wave analysis for Advanced Micro Devices Inc. (AMD) provides traders with valua...

Read More >
Explore the Best Trading Strategies for NIKKEI 225 Index with our Detailed N225 Elliott Wave Technical Analysis

Explore the Best Trading Strategies for NIKKEI 225 Index with our Detailed N225 Elliott Wave Technical Analysis

Unlock the latest insights into Nikkei 225 trading with our detailed Elliott Wave analysis. Whether ...

Read More >
IBEX 35 (Spain) Elliott Wave Technical Analysis: Key Trends, Wave Patterns, and Trading Insights

IBEX 35 (Spain) Elliott Wave Technical Analysis: Key Trends, Wave Patterns, and Trading Insights

The IBEX 35 Elliott Wave analysis provides actionable insights into the Spanish stock index's pr...

Read More >
Swiss Market Index Elliott Wave Technical Analysis: Covering key Trading Strategies, Investment Insights, and Market Updates

Swiss Market Index Elliott Wave Technical Analysis: Covering key Trading Strategies, Investment Insights, and Market Updates

This comprehensive guide provides an in-depth Elliott Wave analysis of the Swiss Market Index (SMI ...

Read More >
Salesforce Inc.(CRM) Stocks Elliott Wave Analysis - Stock Movements and Forecast with this in-depth Technical Analysis

Salesforce Inc.(CRM) Stocks Elliott Wave Analysis - Stock Movements and Forecast with this in-depth Technical Analysis

This Salesforce (CRM) stock analysis applies the Elliott Wave Theory to both daily and 1-hour charts...

Read More >

Buy 1 Month

Get 3 Months!

Special Offer:

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competive edge with expert insights in to:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Social Chat
  • Elliott Wave Algorithm
  • Screener
  • TradingLevels
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
-Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on