As per previous post....
Sign of Bearish Trend
-Magnitude of Downtrend Line B much stronger than Downtrend Line A
-Magnitude of Downtrend Line C similar to Downtrend B
-Momentum of Retracement line R3 much weaker than of Retracement line R2
-Candlestick currently challenging MA200
What retracement R3 are we looking for?
-R1 retrace more than 0.786fib of Line A
-R2 retrace more than 0.786fib of Line B
With R3 weak momentum, seems that candlesticks might fail to even reach 0.786 of line C. A double top already formed at the MA200 line below fib 0.618 as mention in previous post https://www.tradingview.com/chart/TSLA/Po7OsGPM-TESLA-Bearish-Retracement/
Now ranging (290-320) [Boxed] where higher volume of trading are involved, shown in horizontal volume indicator(past 270 days). Holders might take a chance to offload/cut loss. A hurdle to pass through.
Stronger Support at 233-250 level.
Sign of Bearish Trend
-Magnitude of Downtrend Line B much stronger than Downtrend Line A
-Magnitude of Downtrend Line C similar to Downtrend B
-Momentum of Retracement line R3 much weaker than of Retracement line R2
-Candlestick currently challenging MA200
What retracement R3 are we looking for?
-R1 retrace more than 0.786fib of Line A
-R2 retrace more than 0.786fib of Line B
With R3 weak momentum, seems that candlesticks might fail to even reach 0.786 of line C. A double top already formed at the MA200 line below fib 0.618 as mention in previous post https://www.tradingview.com/chart/TSLA/Po7OsGPM-TESLA-Bearish-Retracement/
Now ranging (290-320) [Boxed] where higher volume of trading are involved, shown in horizontal volume indicator(past 270 days). Holders might take a chance to offload/cut loss. A hurdle to pass through.
Stronger Support at 233-250 level.
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