It was the 3 candles shown that gave a hint that something was...

It was the 3 candles shown that gave a hint that something was going to start. And that upper trend line. The first 2 (red then green inside the red) was a bullish "Harami". Then another green and all with lows holding $3.11. I bought on those days and picked up 7k in 2 days. But made the mistake of not holding for Friday's huge gains.

What I make of it now is that TLS has gone through its various waves and stages both according to Elliot Wave and Wyckoff (images shown) and looks like everything is flushed out and cleared and we are in the birth stages of upside, of the cycles and waves repeating.

Wyckoff= just coming out of the oversold area and Phase B and C of the Accumulation area, the "Spring" is happening, SOS stage.

Elliot= Finished the old 1, 2, 3, 4 and our disaster truncated 5th wave (which failed to go beyond wave 3 and into $4.00 those nasty pre covid days), then covid caused the required counter trend A, B and C corrective waves and now the birth of a new 1, 2, 3, 4 and 5 waves cycle and looks like we MAY have commenced wave 3.

If so, we are in for more upside as wave 3 is party time.

But I don't want to get too excited yet.

Some weeks ago, I had put up the weekly chart with RSI and said that on the weekly we had more room to go up until the weekly RSI touched 50 line. Well we are there now. In bear markets, these bounces are often to the extent of RSI 50. As I have shown on examples below.

This weeks gain was 7.35%. The examples I have arrowed are also +7-8%. That first arrow (late 2017) was +7.9% giving the impression of a bottom or turnaround. But more downside was to come. Is this another case like that? For now, I don't think so. I am more positive with this rise and at this time as I feel TLS's super bottom was back in June 2018. I feel TLS will slowly make its way up to the $3.80 area pre Covid prices. To at least go for a triple top with those $3.80, $3.90 areas of back then.

On March 20, there was an article where Penn updated the market. Although he made it sound like "help the Australian economy during the pandemic", I felt it was Penn coming out with his usual profit warning, using Covid as ass cover. The strategist also thought so. Link down below.

So, the point is, Penn again caused uncertainty at that time and hence the past 2 months of TLS doing nothing and directionless, underperforming.

And the truth is, only Penn knows what the f is going on with TLS profits and we wont know what has happened and what he is talking about until August. Will profits be affected by Covid and if yes, then by how much? And will TLS still pay a dividend and will it still be 8c? Answer= Don't know.


https://www.finder.com.au/why-is-the-telstra-share-price-down-more-than-5-today

This weeks action should tell us if Friday huge gain was just a pump and dump or something more. The hourly RSI is overbought. The daily is 68 but can go up to 75 before being overbought. Note the gaps left behind at $3.18 and $3.24-$3.26. I will be watching for a re entry if I feel positive.

Note that the XJO and world markets will determine direction too. Bear or Bull. We will see.