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Pinpointing an Opportunity in This "Global Market Leader"

See how Elliott waves helped guide investors in this global tech sector’s 800-pound gorilla

by Bob Stokes
Updated: November 12, 2019

The technology boom that kicked into high gear in the 1980s and '90s is still going strong.

One of the many key companies has been Taiwan Semiconductor. Its client list includes Apple, Qualcomm, Nvidia and Advanced Micro Devices. As Barron's noted in October, these companies rely on Taiwan Semiconductor to "make the most demanding chips used in smartphones, servers, artificial intelligence applications and networking devices."

However, back in 2011, Taiwan Semiconductor's share price had been trading in a sideways pattern for several years. But one of our Global Market Perspective analysts noted a significant price chart development in February 2011 and said:

Taiwan Semiconductor Manufacturing Co. has broken out of its 10-year-long contracting triangle... The vertical move of the past two months is consistent with the behavior of [an upward] thrust.

Upward thrust, indeed. The stock price went on to approximately quadruple in value in the next six years.

The upward climb of Taiwan Semiconductor's stock price then paused. Was this the end of the bullish move?

Our January 2019 Global Market Perspective did not think so. Here's what our analyst had to say:

Taiwan Semi is ending [this] down wave... Tech boom to resume.

Well, since then, Taiwan Semi's share price has risen roughly 57% since our January Global Market Perspective published.

Take a look at this chart from our just-published November Global Market Perspective (wave labels available to subscribers):

TW TSM Monthly-Edit

Here's what our analyst says:

Semiconductor stocks have been leading the global rally recently, and the 800-pound gorilla of the sector, Taiwan Semiconductor Manufacturing Company has been leading the group. Because the stock makes up about one-fifth of the Taiwan Index, our January 2019 issue said on the day of the low that where Taiwan Semi goes, so likely goes Taiwan's stock market.

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