TLT - Target Hit !!! 🥳🎈🎈

I first called this back in September that TLT would hit $113 (then $114) and now in May my target is hit.

This was another call where I received comments that the chart doesn't matter because XYZ but really the chart does matter as this was just a 1:1 zig zag correction.

So what next?

Well... I dont know currently because a fibonacci projection is just a landmark for a potential reversal. It doesn't itself prove a reversal though there will probably be a lot of short covering in this area.

Also just below @ 111.9 there is a low from 2018 and there will be short covering there also which could potentially be a bottoming area.

However, from a charting perspective this can still go lower. There has been nothing noteworthy for the bullish case as yet.

And I had a charting comment on a previous page that questioned how indicators could be so oversold but not produce a bounce. And well the reason for that is because this could be a new trend unfolding.

It is worth noting though that the RSI here is slightly lower than previous low and there could be a reversal.

But all this depends on what type of wave this is currently. The potential C wave has been much steeper than than the A and that could mean it will form a 1:1.618 which would see it hit $95.

Or if there is a shakeout reversal at the lows here than that may prove to be a good buy signal. I'll wait and see.

Not advice.

Commentaire:

If you enjoyed this analysis leave a like / comment. If you didn't enjoy this analysis you can still leave a comment if you like 😄.