Canadian Imperial Bank of Commerce Analysis for 07.13.2008

CANADIAN IMPERIAL BANK OF COMMERCE - CM-TC

Monthly chart shows just how deep the sell-off has been since the $107.45 high was made in May 2007. Price is currently below all key moving averages and below the down trendline in place. Price continues to make lower highs and lower lows. Possible 5 waves down with regular divergence evident on CCI indicator. Both the 5 waves down and the regular divergence indicates that a possible tradeable low may be close at hand. However, no buy signal/pattern evident at this time. If the stock continues to show selling pressure, the next downside target is at the .786 fib level of $39.70.

Weekly chart better shows the 5 waves down into new low last week. Price remains below all key moving averages and also below the down trendline in place. No divergence noted on weekly CCI indicator. No buy pattern/signal evident on this timeframe at this time.

Daily chart shows increased selling pressure on Friday, as the bears gapped down the open on Friday's trading session in their haste to unload their positions. Price remains below all key moving averages and below the down trendline in place. No buy signal/pattern evident on this timeframe.