CBA-ASX, Commonwealth Bank of Australia (ASX: CBA) remains downbeat from the peak of June 2025. However, the decline is corrective and approaches a key support zone. Buyers could be ready to start fresh bullish cycle from this zone
Commonwealth Bank of Australia (ASX: CBA) is Australia’s largest bank and one of the country’s most valuable publicly listed companies. Founded in 1911 and headquartered in Sydney, the bank provides retail, business, institutional, and wealth management services to millions of customers across Australia and New Zealand.
CBA-ASX is widely recognized for its strong market position, digital banking leadership, and consistent profitability. Its core businesses include home lending, deposits, business banking, credit cards, payments, and institutional banking, making it a cornerstone of Australia’s financial sector.
CBA.ASX Elliott Wave Analysis – wave ((4)) pullback emerging
CBA has been in an all-time bullish cycle since its September 1991 launch. Wave I of the cycle degree ended in November 2007, followed by a wave II pullback to the January 2009 lows. From there, an impulse completed wave ((1)) of III in March 2015, and a simple zigzag took wave ((2)) to its March 2020 low. Since then, a strong impulse sequence has driven wave ((3)) to a fresh record high, as the weekly chart below shows.
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CBA.ASX Weekly Chart – 29th June 2026 Update
Meanwhile, the wave ((4)) pullback started in June 2025 and appears corrective. In the last blog update on this instrument, we shared the chart above. In the post, we had expected further decline after the end of wave X of (Y) of ((4)). If wave X ends below (X), we anticipated extended sell-off to the blue box zone where buyers and investors can take new long term positions
CBA.ASX Elliott Wave Analysis – wave ((4)) approaches blue box zone
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CBA.ASX Weekly Chart – 6th October 2026
The latest weekly chart for CBA.ASX confirms that wave X of (Y) of ((4)) has concluded as expected. The price action is now nearing our defined “blue box” support zone, which serves as a high-probability area for the commencement of a new bullish cycle for wave ((5)) of I.
Investors and traders should look for long entry opportunities within this zone, with initial targets set above $200 and a potential extension into the $205–$225 range or higher. While we anticipate this bullish reversal, we must observe the market’s reaction upon entering the blue box to confirm the end of wave ((4)) and the initiation of wave ((5)). If the market does not trend to a new high for ((5)), we expect at least a 3-swing bounce from this level, providing an opportunity to lock in profits and manage risk. We advise monitoring whether the reaction from the blue box develops into an impulsive or corrective structure to determine the strength of the incoming trend.
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