Tesla Update
Obviously one thing that is on EVERYONES mind this week that trades stocks...the possible fed rate cut. It seems the overwhelming consensus is that they will cut rates. The question that most seem to be asking is not if but how much. Will it be 25 or 50 basis points? The bigger question I have is how the market will react to it. Will it be looked at as a good thing for the economy or a sign that hard times are coming. It seems, from the stories I'm reading, a recession is imminent next year. So how does this all relate to Tesla?
Looking at the pattern I have been tracking, we're on the verge of completing what I am calling the B wave of (2). It would make sense to me, fort this pattern to complete in the next 1-3 trading sessions just in time for the fed announcement. The announcement, whatever it says, has a high chance of receiving a knee jerk reaction to the downside. This would be an ideal catalyst for the move lower to finish off the wave (2). If not wave (2), my ALT says it is the final ((C)) of ((2)). Either way, both patterns point lower.
This pattern off of the $182 bottom made on 05 August is just too choppy and overlapping for me to call impulsive. I could always be wrong, but a LD is the only impulsive pattern I could see forming from this. The odds of a wave 3 starting in a LD is extremely low. Wave 3's are normally the strongest move higher, so the idea of it starting as an overlapping indecisive pattern just doesn't sit well with me.
In short, I expect this pattern to complete within the next 1-3 days. Afterwards, it should start a move down targeting either the $167.09-$182 area, or the $105-$125 area. This completion time frame is just an educated guess at this point. Given the data outside EWT though, it is what makes sense to me at this time. My plan at this time is still to sell my shares when/if price can enter the target box. I still have a stop for half of my shares set at $223.50. Hopefully price obeys my thesis, and we can offload some shares before it falls again. This is a B wave by my count though, and they can be complex and unpredictable.
Looking at the pattern I have been tracking, we're on the verge of completing what I am calling the B wave of (2). It would make sense to me, fort this pattern to complete in the next 1-3 trading sessions just in time for the fed announcement. The announcement, whatever it says, has a high chance of receiving a knee jerk reaction to the downside. This would be an ideal catalyst for the move lower to finish off the wave (2). If not wave (2), my ALT says it is the final ((C)) of ((2)). Either way, both patterns point lower.
This pattern off of the $182 bottom made on 05 August is just too choppy and overlapping for me to call impulsive. I could always be wrong, but a LD is the only impulsive pattern I could see forming from this. The odds of a wave 3 starting in a LD is extremely low. Wave 3's are normally the strongest move higher, so the idea of it starting as an overlapping indecisive pattern just doesn't sit well with me.
In short, I expect this pattern to complete within the next 1-3 days. Afterwards, it should start a move down targeting either the $167.09-$182 area, or the $105-$125 area. This completion time frame is just an educated guess at this point. Given the data outside EWT though, it is what makes sense to me at this time. My plan at this time is still to sell my shares when/if price can enter the target box. I still have a stop for half of my shares set at $223.50. Hopefully price obeys my thesis, and we can offload some shares before it falls again. This is a B wave by my count though, and they can be complex and unpredictable.
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
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