Elon Musk trolls GM, Chrysler on Twitter. Here is what to do...
Daily momentum is bearish oversold and weekly momentum is still bearish. Not advisable to enter the market at the moment.
However, for those who are already in the market, Market is currently making the 5th section of an impulse wave. Price has crossed the 127% external retracement level of wave 4 and this means you can start taking profit on half of the short position. I would move my stop loss on half of the position to 627.85 and trail the stop loss until the market kicks me out.
I would expect the market to decline further into the 162% region at 461.45 between the 8-12 March time window. If market declines even further, I would expect the termination of this bearish trend at the 262% region at 206.51 price level. This might even extend to the 17-22 March time window. Any long entries would only be considered after market develops into these regions and bullish momentum reversals have been made.
However, for those who are already in the market, Market is currently making the 5th section of an impulse wave. Price has crossed the 127% external retracement level of wave 4 and this means you can start taking profit on half of the short position. I would move my stop loss on half of the position to 627.85 and trail the stop loss until the market kicks me out.
I would expect the market to decline further into the 162% region at 461.45 between the 8-12 March time window. If market declines even further, I would expect the termination of this bearish trend at the 262% region at 206.51 price level. This might even extend to the 17-22 March time window. Any long entries would only be considered after market develops into these regions and bullish momentum reversals have been made.