SUMMARY
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The below chart of Taiwan Semiconductor Manufacturing (TSM) has pretty much completed its five wave run up as shown in the below weekly chart. I believe an economic downturn could be approaching. The first to feel the early effects of a recession are usually the financials and the technology companies. An event or some news are approaching to justify the forecast.
IF this wave count is correct, then the correction has likely already started as shown below. The red ABC sequence could already have completed the wave A and since the MACD is a bit on the oversold stage, a red B wave bounce is likely.
On a larger degree of trend, the blue impulse were subwaves to a primary cycle wave 1 (purple). Wave 2 completed and so has wave 3. The current correction is likely to be wave 4. Note that the price target for wave 4 does NOT overlap with wave 1; hence, adhereing to the EW rules. Purple wave 5 sould deliver all time new highs.
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