Just a quick update on my previous call. In light of the results and recent inability for the price action to sustain a break above $3.90, it's now appropriate to call that a wrong call if we see a break below $3.75 level very soon.
If above unfolds we clearly have not completed the corrective pattern for W4. It's now worth considering W4 to be a triangle and a neutral one at that meaning it does not give any bias to ultimate direction. By this I mean it neither pointing up (implying downward price action) or pointing down (implying upward price action bias).
Below I've marked out where I expect for us to end up once the consolidation comes to an end '5' in yellow.
In the context of the overall wave pattern to date this triangle is not unusual to be in a W4 position and does support medium term price upwards once the correction is over. I say this because the other position where a triangle can be seen is in a corrective C wave. So had we seen this appear from Jan/2019 to Sep/2019 during that move up then that would have given bias to a continuation move lower once the triangle was complete (had it appeared in that position).
To get to the point charts still suggest continuation upwards in medium term BUT all bets are off below $3,50 pre divs.
HTH and Gluck.
TLS Price at posting:
$3.82 Sentiment: Buy Disclosure: Held
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