Short term pullback or towards Fib 0.5?
It has been trending down since Feb 16th. And finally showing a big bull candle break through trend line.
Two scenarios:
1) Continue to rise and test resistance at $121. If it breaks, then the correction is done. And the begin of Wave 5.
Or
2) If next couple of days it shows us bearish candles, retest previous low of $108 and failed to hold, we will see further retrace to Fib 0.5 $96 or the next support at 200 Moving Average.
Final thought: MACD is negative and no momentum. RSI is low and tilting up a little. But something fishy about the relatively low volume the day the big green candle punched through trend line,
TSM might be heading down more until the big guys shake off all the bag holder.
Two scenarios:
1) Continue to rise and test resistance at $121. If it breaks, then the correction is done. And the begin of Wave 5.
Or
2) If next couple of days it shows us bearish candles, retest previous low of $108 and failed to hold, we will see further retrace to Fib 0.5 $96 or the next support at 200 Moving Average.
Final thought: MACD is negative and no momentum. RSI is low and tilting up a little. But something fishy about the relatively low volume the day the big green candle punched through trend line,
TSM might be heading down more until the big guys shake off all the bag holder.