Hi All,
TESLA is possibly forming a bull flag or in the process of forming an inverse H&S pattern on H4.
If it is the bull flag pattern, would expect a move to orange target line (around $214) after the break out.
If it is inverse H&S pattern, would expect a move to target 2 (about $240) which coincides with 0.5 FIB level if this setup plays out. Would wait until neckline breaks after a pull back to get into a position & sell about 30% of the position at target 1 to secure some profit. Target 3 is far overreach but still possible due to the prospect of a gap fill before next leg down. A strong price movement above neckline or a move below $166 would invalidate inverse H&S setup.
J Powell seemed less hawkish than his previous appearances & the year end rally for exec bonuses might make these plays possible. Considering these set ups as short term trade opportunities but have a bearish outlook for mid to long term.
* This is NOT a financial advice. Please do your own DD.
Thank you for your time and support.
TESLA is possibly forming a bull flag or in the process of forming an inverse H&S pattern on H4.
If it is the bull flag pattern, would expect a move to orange target line (around $214) after the break out.
If it is inverse H&S pattern, would expect a move to target 2 (about $240) which coincides with 0.5 FIB level if this setup plays out. Would wait until neckline breaks after a pull back to get into a position & sell about 30% of the position at target 1 to secure some profit. Target 3 is far overreach but still possible due to the prospect of a gap fill before next leg down. A strong price movement above neckline or a move below $166 would invalidate inverse H&S setup.
J Powell seemed less hawkish than his previous appearances & the year end rally for exec bonuses might make these plays possible. Considering these set ups as short term trade opportunities but have a bearish outlook for mid to long term.
* This is NOT a financial advice. Please do your own DD.
Thank you for your time and support.