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Can't get enough of this stock...

After toping , as expected, NAB trusted to new highs, but sported a short C wave instead of anticipated Wave 3 which could have ended the year long correction. After this development, five wave decline followed. Because NAB is moving in threes on a Daily Chart, I expect it to decline even further before another good trading opportunity arises.

[ATTACH]60272[/ATTACH]

In my previous posts You can notice that I've been following a Flat correction on Daily when Triangle scenario failed.
When correction starts, it has more than 10 scenarios what way it could develop, but after there are enough waves and pattern is near completion, alternate scenarios are disappearing one after another, leaving probabilities higher.

I've been tracking Wave (C) as an Ending Diagonal, because market moves in threes. What changed recently is that the pattern appears to sport a form on an Expanding Diagonal instead of Contracting.

So after another wave down, I expect a good entry point somewhere in $31 area, at the lower trend line of Wave C. If this year-long correction is retracing a previous five wave move, a fib 38,2% is at $31,2.
Red labels on a chart present with top alternate scenario, which I will discus only if it materializes, for this next week NAB will make a bottom and finally start a big rally. But this scenario does not adhere to guidelines well in shorter time frames, so probabilities are low.

[ATTACH]60273[/ATTACH]

I add ANZ chart for comparison how Expanding Diagonal C wave looks. In ANZ case the whole pattern was 5-3-5. and NAB looks more a sideways movement taking a form of 3-3-5.

[ATTACH]60274[/ATTACH]

<blockquote data-quote="rimtas" data-source="post: 848362" data-attributes="member: 59579">Can&#039;t get enough of this stock...After toping , as expected, NAB trusted to new highs, but&nbsp; sported a short C wave instead of anticipated Wave 3 which could have ended the year long correction.&nbsp;&nbsp; After this development, five wave decline followed.&nbsp; Because NAB is moving in threes on a Daily Chart, I expect it to decline even further before another good trading opportunity arises.[ATTACH]60272[/ATTACH]In my previous posts You can notice that I&#039;ve been following a Flat correction on Daily&nbsp; when Triangle scenario failed. &nbsp;When correction starts, it has more than 10&nbsp; scenarios what way it could develop, but after there are enough waves and pattern is near completion, alternate scenarios are disappearing one after another, leaving probabilities higher. I&#039;ve been tracking Wave (C) as an Ending Diagonal, because market moves in threes. What changed recently is that the pattern appears to sport a form on an Expanding Diagonal instead of Contracting.So after another wave down, I expect a good entry point somewhere&nbsp; in $31 area, at the lower trend line of Wave C. If this year-long correction is retracing a previous five wave move, a fib 38,2% is at $31,2.Red labels&nbsp; on a chart present with top alternate scenario, which I will discus only if it materializes, for this&nbsp; next week NAB will make a bottom and finally start a big rally. But this scenario does not adhere to guidelines well in shorter time frames, so probabilities are low.[ATTACH]60273[/ATTACH]I add ANZ chart for comparison how Expanding Diagonal C wave looks. In ANZ case the whole pattern was 5-3-5. and NAB&nbsp; looks more a sideways movement&nbsp; taking a form of 3-3-5. [ATTACH]60274[/ATTACH]</blockquote>

[QUOTE="rimtas, post: 848362, member: 59579"] Can't get enough of this stock... After toping , as expected, NAB trusted to new highs, but sported a short C wave instead of anticipated Wave 3 which could have ended the year long correction. After this development, five wave decline followed. Because NAB is moving in threes on a Daily Chart, I expect it to decline even further before another good trading opportunity arises. [ATTACH]60272.vB[/ATTACH] In my previous posts You can notice that I've been following a Flat correction on Daily when Triangle scenario failed. When correction starts, it has more than 10 scenarios what way it could develop, but after there are enough waves and pattern is near completion, alternate scenarios are disappearing one after another, leaving probabilities higher. I've been tracking Wave (C) as an Ending Diagonal, because market moves in threes. What changed recently is that the pattern appears to sport a form on an Expanding Diagonal instead of Contracting. So after another wave down, I expect a good entry point somewhere in $31 area, at the lower trend line of Wave C. If this year-long correction is retracing a previous five wave move, a fib 38,2% is at $31,2. Red labels on a chart present with top alternate scenario, which I will discus only if it materializes, for this next week NAB will make a bottom and finally start a big rally. But this scenario does not adhere to guidelines well in shorter time frames, so probabilities are low. [ATTACH]60273.vB[/ATTACH] I add ANZ chart for comparison how Expanding Diagonal C wave looks. In ANZ case the whole pattern was 5-3-5. and NAB looks more a sideways movement taking a form of 3-3-5. [ATTACH]60274.vB[/ATTACH] [/QUOTE]

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