NAB Monthly Long term structureElliotticians, don't crucify me... I'm no expert in EW theory!
But I believe we are seeing a super high level double or triple three pattern emerging in NAB
Long term it appears that NAB was in a trending pattern till 2009
Currently we are in a long term corrective phase, which consists of large Flat corrections and zigzags or triangles
Overall we just completed a large Flat 3-3-5 wave pattern and likely to see a fall into an ABC correction (zigzag) to start a new corrective phase or possibly create a large long term triangle
What this suggests is that this is in a large ranging pattern... so trading in and selling out at long term resistances would be the smart play until such time as the longer term structure becomes clear and builds a completed base to start a trending move outside of this structure
Ranging markets chew up time to create the base for the next long term trend and in this case we are likely to see the range continue until we see some completed structure
Some beginners sometimes do not understand ranging markets as they are harder to understand than trends... but if you get the overall grasp of them you can differentiate the difference between a real buying opportunity that have completed ranging structures within it and a short term buying opportunity and position yourself accordingly
I've posted a few on the ASX over the years and each time the moves out of these tend to be strong and persistent
