XTJ(ASX Telco Sector) and TPM within.

A perfect COUNTER-TREND set up yesterday was on hand with TPM which I would like to share. We know that XTJ ( ASX Telco Sector ) is in a major downtrend and it is no different to the other majors (TLS & VOC) within XTJ. Other is the TPM as we would know. I believe short stops with TPM is yet to be hit unlike VOC which may have occurred yesterday. VOC more than likely forced the short seller to cover yesterday (17/10). What a rally that was ? Would TPM follow suit today ?

I believe that this sector may have seen the worse and is likely to have a FLAT price action behaviour from here on which may last for months during an anticipated technical repair work.

What lead me to TPM Long trade was the following PnF chart ( last chart)which had suggested a floor of some sort at current levels. Count and the Golden Mean Retracement factors.

Here is the daily followed by an hourly chart of TPM.

Disclosure : TPM held with short term view (days) and stop is now at breakeven.


Hourly below.


TPM PnF Chart with all studies as shown.



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