What does Tesla have in store??
The way I see this chart at this time...it has an equal chance of going either way. Either this has been an ABC retrace and the downward bear trend is about to resume, or this jump and retrace today is wave i & ii of 3 and we will take off soon.
Unfortunately I'm inclined to think the prior is true due to market sentiment and the direction the S&P / NASDAQ are about to take. Also, normally I would expect these waves to take a little longer to form. Although it isn't impossible, I would expect each micro wave to take a day or two at least. This way the count as a whole can play out over a couple weeks to months.
If price breaks below $115.6 then the black count is invalidated and blue becomes primary. If price goes back above $136.65 in an impulsive manner it gives great support to the black count to maintain primary.
Below $125.94 will be our first clue that blue is the correct count and black is less likely.
I want to reiterate, I am unsure of what price will do at this point regarding Tesla. I do not own any nor am I short at this point. Times such as these I sit on the sidelines to gather clues as to where price will go. As I said before "if price isn't doing exactly as I think then I DO NOT trade". I'm not risking capital for a guess. I will continue watching and update when Tesla makes up its mind or gives another clue.
Bonam Fortunam,
--Tyler
Unfortunately I'm inclined to think the prior is true due to market sentiment and the direction the S&P / NASDAQ are about to take. Also, normally I would expect these waves to take a little longer to form. Although it isn't impossible, I would expect each micro wave to take a day or two at least. This way the count as a whole can play out over a couple weeks to months.
If price breaks below $115.6 then the black count is invalidated and blue becomes primary. If price goes back above $136.65 in an impulsive manner it gives great support to the black count to maintain primary.
Below $125.94 will be our first clue that blue is the correct count and black is less likely.
I want to reiterate, I am unsure of what price will do at this point regarding Tesla. I do not own any nor am I short at this point. Times such as these I sit on the sidelines to gather clues as to where price will go. As I said before "if price isn't doing exactly as I think then I DO NOT trade". I'm not risking capital for a guess. I will continue watching and update when Tesla makes up its mind or gives another clue.
Bonam Fortunam,
--Tyler
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
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