T Telus technical analysis=/ EW Febr 25

Telus feb 25

Here is Telus again. It may have completed the ride down but it did not yet reach our original target of $30 ($31.25 was yesterday’s low). That low was obtained by looking at the pattern and/or structure of the decline, i.e. pure EW which is concerned primarily with the psychology. Overlay that with a little technical analysis, of which, I at least , do not claim to know much, one will notice that the bottom line has been touched precisely four times. As we know the chance of having 2 points on a line is 100%, 3 or 4, 1 in a million, so clearly someone is looking at that line. Maybe we should too and buy at $30 when and if it gets there a 5th or 6th time. Upside from there is to $44 minimum. Remember the bottom may already be in if all those watching that line got impatient!

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