Has been a while and it looks like I was on the money with above call.
I've come back as now the picture and RR is starting to look positive.
What we saw since the 2019 high was in fact a wave4 up with the wave5 down that followed.
With the price action now revealed on the wave5 down, I would be expecting a turn around somewhere in the green box in the months ahead. How high it turns will all depends on the turn around story for TLS.
As I'm expecting downside consolidation at the ASX200 level in mid Q4, would need to pay very close attention in order to time the turn around and in these situation it's best to be late then early.
At the the wkly time frame the pattern does look very attractive because if it's been a 20yr corrective pattern then what normally happens is at 80% of the move down is recovered. And that's a long way up. Would need to update myself on the fundamentals to assess whether that adds to the technicals.
MK
#DYOR
(20min delay)