I will start with Daily CBA Chart first and move to the Monthly there after. A down sloping Head & Shoulders Top completed on this daily chart at the break of the neckline drawn in Blue. Height of the pattern is approx. $10 and thumb of the rule in TA is to project that to the downside from the breakdown point. That breakdown level is approx. $76.
OBV at the bottom window also confirming this H&S Top completion of Daily.
But wait there is more and that more may be lot worse. If the bigger Head and Shoulders pattern which is still in the making is completed with a neckline violation, that would signal a major bearish technical behaviour. A Monthly Chart below showing the potential H&S Top in the making.The Head and Shoulders of the Daily which completed is the Right Shoulder of the Monthly.
If the Tentative Bearish Price objective of Daily is met or exceeded, that would complete this bigger H&S Top in the Monthly TF as well.
Still in the making and will be only be completed if we see a NECKLINE violation.
Wishing all a safe and a happy charting during the BEAR MARKET that we are in atm.
All the information and analysis provided on this website is general in nature and for educational purposes only and does not constitute financial advice. No content in any way implies a recommendation to buy, sell, hold or short sell any financial instrument, nor is it financial advice.
Investing and trading in financial markets carries considerable risk, and should always be done in consultation with a licensed financial adviser taking your personal circumstances, financial situation, objectives and needs into consideration.
Links to other websites are inserted for convenience only and do not constitute endorsement of any of the material on those sites, or any associated organisation, product or service. Kazim Agaoglu is not responsible for the content of any site owned by a third party that may be linked to this website and such links are provided as a courtesy with no judgment or warranty being made concerning the suitability, accuracy or otherwise of the content on any such site.
Kazim Agaoglu disclaims any undertakings, warranties or guarantees, express or implied and shall not be liable for any loss or damage whatsoever arising out of in connection with the use of or reliance upon any of the information on this website. The user accepts sole responsibility associated with the use of the material on this site, irrespective of the purpose for which such use or results are applied. The information on this website is no substitute for financial advice.