$JSEBLU - Blue Label Telecoms: A Very Bearish New Outlook
The telecoms look to be in for some pain in the short-term and Blue Label will unlikely to be spared.
After sharing my outlook on Vodacom and Telkom yesterday as well as MTN last week, it was time to take a deeper look into Blue Label.
Starting with the rally from the March 2020 all-time low of 152 to 750, this advance is best labelled as a three wave move (ABC) therefore making it corrective in nature.
The sell-off from 750 for wave (A) was a strong and clear five wave impulse.
The wave (B) correction was short-lived and price made a new low at 368, followed by a recovery to 483.
At market open this morning, 368 was breached meaning it was not the bottom and this has triggered an update of the wave count.
Looking at the bigger structure of the bear from 750, price seems to be declining in a zigzag pattern (ABC) and the stock is in the early-mid stages of wave 3 of (C).
If this outlook is correct, price could decline further towards the 200 region.
A break above 483 will invalidate this outlook.
Until proven wrong, short the rallies.
After sharing my outlook on Vodacom and Telkom yesterday as well as MTN last week, it was time to take a deeper look into Blue Label.
Starting with the rally from the March 2020 all-time low of 152 to 750, this advance is best labelled as a three wave move (ABC) therefore making it corrective in nature.
The sell-off from 750 for wave (A) was a strong and clear five wave impulse.
The wave (B) correction was short-lived and price made a new low at 368, followed by a recovery to 483.
At market open this morning, 368 was breached meaning it was not the bottom and this has triggered an update of the wave count.
Looking at the bigger structure of the bear from 750, price seems to be declining in a zigzag pattern (ABC) and the stock is in the early-mid stages of wave 3 of (C).
If this outlook is correct, price could decline further towards the 200 region.
A break above 483 will invalidate this outlook.
Until proven wrong, short the rallies.
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