Tesla Update: Still Waiting

Not much to say/add today, I expected Tesla to take off today in its c of B wave higher, but it didn't materialize. As of now we are still on track to hit our target for this B wave (technically we already hit it during a of B). Also, this is still on track to be a standard ABC retrace. If it is to remain that way, we need to finish this move up in the $280's. I work again tomorrow and with the risk level where it is, I am staying flat still, and will most likely stay that way until we finish this ABC pattern.

Right now, I see this ending in the same place I have been calling for a while...$220-$230 area. Once this B wave finishes, I can put a more accurate target box on the screen. Until then the $220-$230 area is just the normal area for this type of move to end. Maybe tomorrow Tesla will move up with more strength. It appears the NASDAQ needs to raise a little for its B wave also, so maybe that is an extra validator. Time will tell. Good luck everyone!

Bonam Fortunam,
--Tyler

評論:

Until we breach $253.97 we could still raise to the $280's. Once that low is breached, look out below cause Tesla will drop another 10-20%. This is why I stayed flat. With the uncertainty in the market mixed with the volatility of Tesla, it just isn't worth losing capital on.