TSM - 5th leg down, 3 drive pattern SHORT CITY
Updated
It is in my humble opinion TSM is looking at a rather large drop looming ahead - symmetrically the pattern meets the harmonic qualifications as well as the elliot wave theory macro wave iterations.
It is possible TSM will make a small shoulder before breaking the $100 price level - should it break this level and close below I believe it will be a swift fall to the $85 level, however if it wasn't "quick" the position I hold does allow for some time.
Trade: 6/17 exp $85 PUTS @ 1.17 on 4/1 - currently trading at 1.62 at time of post
It is possible TSM will make a small shoulder before breaking the $100 price level - should it break this level and close below I believe it will be a swift fall to the $85 level, however if it wasn't "quick" the position I hold does allow for some time.
Trade: 6/17 exp $85 PUTS @ 1.17 on 4/1 - currently trading at 1.62 at time of post
Trade active
shaping up very nicely and further cemented my conviction with fridays action - only change is i dont think that we will get the small bounce before breaking the $100 support - once support fails it will be retest as resistance only to fail againNote
Side note i really should have purchased 15+ contracts and im kicking myself for not. I will most definitely be adding this week as I think the market itself is gonna have a bad week leading into "good friday" and tech/semis will play a major role in that.I think i might add a few contracts at the current strike/exp however I am also going to open up another position - 5/20 or 6/17 $100 put seems almost unfair and essentially gauranteed
Note
everythiNG IS LOOKING SHARP AS OF THIS MOMENT - why didnt i invest everything i had here
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