A friend works for Telecom Plus and recently sent me links to a Financial Times and Daily Mail articles. Both articles were promoting the stock as 'one to watch' and a 'great investment opportunity'. My friend informed me that the directors where buying too and that I should consider investing. I decided to investigate. To me it appears that TEP is correcting major wave 3. Price action is currently contacting upwards on negative momentum. In fact the divergences on the monthly timeframe are quite alarming. I was always taught that when charting corrective price action, you should begin with the some simplest form of a correction (an ABC/ zig zag). If we apply this logic and take into consideration the aforementioned divergences, one could conclude that major wave 4 has not yet completed and we are ideally looking for a move down to match the A wave (impulse, correction, impulse). A measured move/ a one to one extension would take TEP to 604. That's a significant move down from current price. Interestingly, this extension has confluence with the 0.382 retracement, which is a very common retracement for a wave 4 and horizontal support (the wave 4 of one lesser degree, which is also a common target for the move down). If this does play out, then that is the opportunity to go long on TEP.