This is a follow-up from an earlier published idea in June 2021. The expectation was down, however, TEL doesn't look like it has finished correcting here. My expectation is further downside resulting in more pain for late bulls.
Before getting into why, note that this analysis could be completely wrong. I'd be happy if that's the case. Don't take actions based on these simple observations.
Here's the observations:
- Back in June, I believed TEL had completed a five wave impulse. Even though the fourth wave looks shallow and didn't take too much time, the third wave was a giveaway.
- I expected a retracement to around $0.003 to be hit around now but it hasn't quite made it there. Instead, it looks like this correction will last longer and potentially go deeper than initially anticipated.
- The break of $0.009 is the nail in the coffin in my opinion. Unless it recovers the expectation is more down.
- Using Fib-channel, Fib-time, and Fib-retracement tool, I'll be watching for $0.0019 & potentially as low as $0.0008 which is the 50-61.8% retrace of the entire move.
- In terms of time, expectation is this will drag out to end of 2022 or even as far as end of 2023.
Not a promising outlook but things can change. Just pointing out what's on the chart. Good luck out there.
Before getting into why, note that this analysis could be completely wrong. I'd be happy if that's the case. Don't take actions based on these simple observations.
Here's the observations:
- Back in June, I believed TEL had completed a five wave impulse. Even though the fourth wave looks shallow and didn't take too much time, the third wave was a giveaway.
- I expected a retracement to around $0.003 to be hit around now but it hasn't quite made it there. Instead, it looks like this correction will last longer and potentially go deeper than initially anticipated.
- The break of $0.009 is the nail in the coffin in my opinion. Unless it recovers the expectation is more down.
- Using Fib-channel, Fib-time, and Fib-retracement tool, I'll be watching for $0.0019 & potentially as low as $0.0008 which is the 50-61.8% retrace of the entire move.
- In terms of time, expectation is this will drag out to end of 2022 or even as far as end of 2023.
Not a promising outlook but things can change. Just pointing out what's on the chart. Good luck out there.
