Telstra (TLS) Analysis - 1 Month Candles

TLS has been on a downtrend since 2015. It looks like it has now completed its ABC correction right to the 78.6% retracement mark. There is a five wave pattern within it's most recent downtrend, shown within the dotted downtrend channel . As TLS has now looked to have completed its ABC correction after a strong run up from 2010 to 2015, it looks to have now started a new market cycle. Be on the look out for the downtrend channel to be broken and for the trend line to be a possible new support.
评论: Trend line invalidated - still looking to break the downward channel.


that is massive
how's Telstra looking to you mate? You think we might see a reversal here? Thanks for the updates!
JoshLim kitkat16

Still stuck in the downtrend channel. A reversal is definitely possible here as the sellers look to be getting exhausted by the oversold RSI and MACD. TLS is almost at a 100% retrace from its previous high shown by the fibonacci as well. A lot of these signs can point to a reversal but we'll just have to keep an eye out on the volume. The selling volume is far outweighing the buying volume. If $2.55 doesn't hold then that might be worrying as there is no support prices below that.
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