Tesla is in much the same place as Rivian. They're in slightly different places with-in their own respective counts, but similar, nonetheless. Today, with the way the NQ raised, I thought Tesla would have capitalized on the momentum to start its next wave. It ended green both regular and post-market but not what I wanted to see that's for sure.
That doesn't mean we can't jump higher tomorrow. I am a FIRM believer that every chart stands on its own. Now granted, there are some that run VERY close to each other, but they always deviate at some point even if by just a little. The NASDAQ might make another high or two, but it has to have a retrace at some point lol. I mean it's been grinding higher for almost a month now with very little retraces to speak of. If my thesis for the overall count of the market comes true, it is about to take a tumble, and hard. What does this say about Tesla? Will it follow the NASDAQ down, or deviate from it and move higher? One way it can deviate is raise with strength during the NASDAQ retraces higher and only retrace slightly during the hard drops of the NASDAQ. This is part of the reason I was surprised when Tesla didn't jump today, taking advantage of the rise in the NQ. Either way, I like to look at facts only when making trading decisions. Nothing is more black and white then numbers. I still have three possible counts on the chart.
I am torn between the primary and turquoise count. The primary seems to make the most sense on the macro side of things, but why didn't price take off today then? I would have expected it to take advantage of the rise in the NQ to start wave 3 of iii, but noooo, can't have that. This along with the fact that the micros have looked corrective in nature since $246.70, makes me think another low for c of 2 is warranted. If we haven't in fact finished wave 2 yet, then we should drop to around $213-$220.
There is also the orange count still on the chart. This suggests we have finished wave iv and are about to head up for wave v finishing out in a leading diagonal. This is 100% possible but I find diagonals are a lot less common than most think.
Either way, hopefully Tesla reveals more of what it has in mind tomorrow and we can narrow some of these counts down. I still only have 20 shares and 3 calls. I have left myself very small in position for a reason. Tesla can be very lucrative but can be very destructive at the blink of an eye. Be careful y'all and I will update as much as I can tomorrow.
Bonam Fortunam,
--Tyler
That doesn't mean we can't jump higher tomorrow. I am a FIRM believer that every chart stands on its own. Now granted, there are some that run VERY close to each other, but they always deviate at some point even if by just a little. The NASDAQ might make another high or two, but it has to have a retrace at some point lol. I mean it's been grinding higher for almost a month now with very little retraces to speak of. If my thesis for the overall count of the market comes true, it is about to take a tumble, and hard. What does this say about Tesla? Will it follow the NASDAQ down, or deviate from it and move higher? One way it can deviate is raise with strength during the NASDAQ retraces higher and only retrace slightly during the hard drops of the NASDAQ. This is part of the reason I was surprised when Tesla didn't jump today, taking advantage of the rise in the NQ. Either way, I like to look at facts only when making trading decisions. Nothing is more black and white then numbers. I still have three possible counts on the chart.
I am torn between the primary and turquoise count. The primary seems to make the most sense on the macro side of things, but why didn't price take off today then? I would have expected it to take advantage of the rise in the NQ to start wave 3 of iii, but noooo, can't have that. This along with the fact that the micros have looked corrective in nature since $246.70, makes me think another low for c of 2 is warranted. If we haven't in fact finished wave 2 yet, then we should drop to around $213-$220.
There is also the orange count still on the chart. This suggests we have finished wave iv and are about to head up for wave v finishing out in a leading diagonal. This is 100% possible but I find diagonals are a lot less common than most think.
Either way, hopefully Tesla reveals more of what it has in mind tomorrow and we can narrow some of these counts down. I still only have 20 shares and 3 calls. I have left myself very small in position for a reason. Tesla can be very lucrative but can be very destructive at the blink of an eye. Be careful y'all and I will update as much as I can tomorrow.
Bonam Fortunam,
--Tyler
Comentarios:
We have positive divergence forming in the micros. As I said before, I would not be surprised if we lift off from here. Nothing is confirmed yet though so we wait
Go to ewtdaily.com for DETAILED DAILY UPDATES on 27 unique tickers and a daily zoom call with members to discuss latest analysis and get a 7-day FREE trial
Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
