TESLA Huge Inverse Head & Shoulders ahead of Musk's $56B vote!

13 Jun

Tesla (TSLA) broke today above its 1D MA100 (green trend-line) for the first time in more than 5 months (since January 04) and ahead of Musk's $56 billion today, seems to be completing an Inverse Head and Shoulders (IH&S) pattern.

Technically this is a pattern seen in major market bottom's. This time it is being formed within the broader pattern of the Bearish Megaphone. A standard 2.0 Fibonacci extension Target would test the top (Lower Highs trend-line) of that Megaphone, considerably above the 1D MA200 (orange trend-line).

As a result, our medium-term Target is $225.00, marginally below the 2.0 Fibonacci extension.

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