$TSM
Added 2023-10-03 11:53:42 +0000 UTCWhen I see share prices holding important Fib levels then we know the Fib levels are in control of support and resistance, so this is something we can measure and track.
So far the price is holding the 0.5 Fib so far and bounced slightly yesterday too.
Any weakness in the market and this moves down to the 0.618 Fib next at $79....that is how Fib levels work, if support is lost at one level, the price moves down to the next one to test its support.
For Wave 2, the standard Fib for support is at the 0.5 - 0.618 Fib
For Wave 4, the standard Fib for support is at the 0.38 Fib, of Wave 3.
Any additional weakness in the stock or the overall market, then they use lower Fib levels as potential support line.
This is straightforward and works on every chart.
So we can see that $TSM is only at its 0.5 Fib so far, still a strong possibility it could go lower to the standard 0.618 Fib next.
