Once again I called another local top on TSLA, the fanboys and girls fought me about it and blindly bought more overpriced assets. I have been calling for this rejection for weeks/months. The stock is simply overpromised, overvalued, and overhyped. Lets take a deep dive at this updated chart.
You will note that golden fib has rejected twice with conviction. Each time falling through the prior fib, we will likely revisit the initial wedge breakout again (bull trap). My belief here is that the market is starting to become overpriced, look at the falling average volume on TSLA (purple MA). This mixed with a potential breakdown of the OBV signals bearishness.
My target here is 189$, I would not rule out a flash to 153$. I expect a short term bounce into earnings which is why I sold a bunch of CSP on TSLL around 9.5$ and bought commons.
You will note that golden fib has rejected twice with conviction. Each time falling through the prior fib, we will likely revisit the initial wedge breakout again (bull trap). My belief here is that the market is starting to become overpriced, look at the falling average volume on TSLA (purple MA). This mixed with a potential breakdown of the OBV signals bearishness.
My target here is 189$, I would not rule out a flash to 153$. I expect a short term bounce into earnings which is why I sold a bunch of CSP on TSLL around 9.5$ and bought commons.
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