CBA Long Term Outlook 11/02/2016

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.

cbadailyhns

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.

cbamonthlyhns

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