Might be time to short TSLA-(NOTE-This idea was posted Nov 4th)
On Nov 4th I wrote this post but it got removed from TV on Nov 8th as I violated House Rule #2-Content should be free from any mention of social media...OPPS my bad! Since it got lots of comments I thought I'd re-post upon my return from Mexico. Here it is again without violating TV (I hope)...
If you were long & wanted to hedge OR were brave enough to short this monster now might be a good time. All the horizontal lines on this chart indicate measured moves. The two measured moves from the Jan-Oct 2021 range end at 1261.31 & 1248.41 respectively. 1250 is a great round number which probably has a fair amount of "sell" orders in place and certainly is also in line with the measured moves from the last range (Jan-Oct 2021) but I don't think it get's here. On 10/26/2021, I suggested a top of 1243 within a chat group that I am active in based upon this chart. This analysis is based upon the measured move that was created in the Aug-Nov 2020 range and the extension from that range that was made before the sell off in Feb 2021. Only time will tell if I am "spot on" but I if history repeats itself then today (actually Nov 4th) would be the day to do it with appropriate risk management and a stop at 1,310.
Another thought/comment: Don't get me wrong...I'm not trying to compare TSLA to Doge fundamentally but everyone was certain Doge was going to get to $1. Most people had limit orders to sell just under $1 because, of course, it won't get to $1 (lots of sell orders were probably between .90-.98). It got to .74 before dumping hard. If you compare this thinking to TSLA this is also why I picked 1243. 1000-1500-50% of the difference is 1250 but it won't get to 1250. Let's look back to this comment and see if I'm right or dead wrong.
If you were long & wanted to hedge OR were brave enough to short this monster now might be a good time. All the horizontal lines on this chart indicate measured moves. The two measured moves from the Jan-Oct 2021 range end at 1261.31 & 1248.41 respectively. 1250 is a great round number which probably has a fair amount of "sell" orders in place and certainly is also in line with the measured moves from the last range (Jan-Oct 2021) but I don't think it get's here. On 10/26/2021, I suggested a top of 1243 within a chat group that I am active in based upon this chart. This analysis is based upon the measured move that was created in the Aug-Nov 2020 range and the extension from that range that was made before the sell off in Feb 2021. Only time will tell if I am "spot on" but I if history repeats itself then today (actually Nov 4th) would be the day to do it with appropriate risk management and a stop at 1,310.
Another thought/comment: Don't get me wrong...I'm not trying to compare TSLA to Doge fundamentally but everyone was certain Doge was going to get to $1. Most people had limit orders to sell just under $1 because, of course, it won't get to $1 (lots of sell orders were probably between .90-.98). It got to .74 before dumping hard. If you compare this thinking to TSLA this is also why I picked 1243. 1000-1500-50% of the difference is 1250 but it won't get to 1250. Let's look back to this comment and see if I'm right or dead wrong.
Comment:
Comment:
Tesla having trouble getting above the 50% retracement. Could short again tomorrow but it needs to close below the 50% on the weekly. If I was to short this I'd plan to short at 1130-1133 with a SL at 1175.