Tesla Update: Another red day

23 ene

Today price dropped yet again but then bounced off the 0.786 fib retracement. MACD DID NOT make a new high on the micro 3min chart, and price has remained choppy. This makes me feel there may still be some downside left. Also, due to how low MACD dropped on 12 Jan I am beginning to feel my turquoise ALT has a higher probability of coming to fruition. The structure price has carved out since our high on 28 Dec coupled with MACD makes me feel this whole drop has been wave a of C of (2). If this is the case, then we should start a retrace soon (most likely this week) for wave b before falling for c of C of (2) into the yellow target box with the turquoise labels. If the next move higher isn't clearly impulsive, I will most likely adopt the 1st ALT count. If price breaches $151.72, I will adopt the purple count. If we breach the line I drew on the 1HR MACD at any time, I will adopt the orange count. I am still on the sidelines and will remain there until we get more information/clues.

24 ene

Comentarios

Not much information today so I will just add an update here. We stayed in a range today which just adds credence to this being a corrective pattern and not impulsive. Tomorrow earnings will get released, and if history is to serve as a guide, tomorrow won't be good for Tesla....we still need a b wave retrace though. There are no rules dictating how high that b wave must go though.