Taiwan Semiconductor Manufacturing (TSM) has been trading within a 20-year Channel Up since January 2006. The first Higher Low of that pattern has been the 2008 bottom of the U.S. Housing Crisis and the most recent the October 2022 bottom of Inflation Crisis. Last month the price hit its Top (Higher Highs trend-line) resulting in a strong red March 1M candle so far.
With the 1M CCI having formed a Double Top similar to 2021, we expect the stock to start now its Bearish Leg. All previous Bearish Leg corrections hit or came very close to the 1M MA50 (blue trend-line) as well as the 0.382 Fibonacci retracement level (blue) from the previous Low/ bottom.
Our 200.00 Target fulfils both those parameters while also testing the 0.618 Channel Fib.
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