Telus has always been rather volatile. Here are the charts;
Long before the latest “depression” this stock had been decimated, only to rebound like a phoenix from the ashes. Call that waves 4 (a perfect a-b-c , 5-3-5 structure) and 5 , most certainly a 5-wave move albeit one that follows the 1-2-1-2–3–4-5-4-5 pattern. Then we get the correction of the entire move, probable to unfold as some sort of A-B-C (this one is of one higher degree than wave 4!).
In greater detail we get;
Notice the beautiful wedge like structure from $48 down to about $30. This are always 5th waves so we knew A was complete. We also knew Telus should trade back to the $48 level, which , as it happens is pretty close to the 62% retracement level. Now, so close to the target we suggest stepping aside. For completeness I have added the old blog from Feb. 2010 below. The target then was the same $47.
