Tesla's next move
Tesla went up today as expected. There has been negative divergence on the 1HR MACD for awhile now. This is a sign that our retracement is coming VERY soon and with it will be a swift fall for Tesla. That will tell us if all this has been a wave 4 or the start of a new bull cycle for tesla.
My gut says new bull cycle. But how does that fit in with the extremely bleak overall economic picture??
The gray box I have marked is a pretty big target zone I know, but wave 2's can be unpredictable. This could turn out to be a flat ABC and end around the .382 or it could be deep and retrace down to the .786....or it could retrace 99.9% of wave 1 and STILL be a valid count.
I also have marked a blue wave iv in the small chance this has all been a big correction from the overall bear trend. This is unlikely to me though due to HOW we have moved higher and the fact we hit the 1.0 of our ABC move downwards.
When we do finally get a decent retrace and start coming back to normal fib levels I plan on entering into a LONG position. If/when I do I will make a post on here. For now Tesla has some work to do.
Bonam Fortunam,
--Tyler
My gut says new bull cycle. But how does that fit in with the extremely bleak overall economic picture??
The gray box I have marked is a pretty big target zone I know, but wave 2's can be unpredictable. This could turn out to be a flat ABC and end around the .382 or it could be deep and retrace down to the .786....or it could retrace 99.9% of wave 1 and STILL be a valid count.
I also have marked a blue wave iv in the small chance this has all been a big correction from the overall bear trend. This is unlikely to me though due to HOW we have moved higher and the fact we hit the 1.0 of our ABC move downwards.
When we do finally get a decent retrace and start coming back to normal fib levels I plan on entering into a LONG position. If/when I do I will make a post on here. For now Tesla has some work to do.
Bonam Fortunam,
--Tyler
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
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