Looking at a daily chart on tesla we can see reversal pattern building as price rounds over into the previous major pivot low of $152.
As price is pulling into this area notice how each push down is getting smaller and ending sooner than the previous.
This is a daily chart considering the cuvature of the trend and angles ploting highest zones of probability in that curve for pull backs and consolidation.
Current Trading Plan:
Accumulate the lower portion of the range at the fringe of the bell curve as smaler time frames exaust on the next push down. Looking for a larger relief rally braking structure of the current down trend for a 25% move to the upside.
Trade Well,
Your Friend...
Degen
As price is pulling into this area notice how each push down is getting smaller and ending sooner than the previous.
This is a daily chart considering the cuvature of the trend and angles ploting highest zones of probability in that curve for pull backs and consolidation.
Current Trading Plan:
Accumulate the lower portion of the range at the fringe of the bell curve as smaler time frames exaust on the next push down. Looking for a larger relief rally braking structure of the current down trend for a 25% move to the upside.
Trade Well,
Your Friend...
Degen
Comment:
your welcome....
Comment:
Looking Gooooood....
Comment:
still looks good
Comment:
well.... unfortunately I tried to be bullish for the Tesla crew but this has not bounced as far I would have like to have seen for a proper correction in such a down trend. As such still waiting for the same thing and likely will come soon. As buyers take advantage at what they perceive as a discount and short sellers take profit on the brake of the previous low hopefully you see some price rise.
Comment:
Price has reached the initial relief rally target early at $200. As such we may have set up for another push higher to $225-$230. The updated chart shows two options. Option 1 the releif rally is not over and we are pulling back to make an ABC like correction with a high in the 225-230 area.
Option 2 Price has already pushed to the $200 target, pulled back, and now ready to come up for a lower high and continue down.
Option 3 This is not a relief rally, the new bottom is in and price can advance to new highs.
What we need to watch is what happens now that it has hit target and pulled back. Is it a pull back or will it keep going down from here? Does it come up for a lower high and reject? Both of these senarios will likely lead to a lower low and lower targets previously projected possible.
Option 2 Price has already pushed to the $200 target, pulled back, and now ready to come up for a lower high and continue down.
Option 3 This is not a relief rally, the new bottom is in and price can advance to new highs.
What we need to watch is what happens now that it has hit target and pulled back. Is it a pull back or will it keep going down from here? Does it come up for a lower high and reject? Both of these senarios will likely lead to a lower low and lower targets previously projected possible.