TSLA Likely Started A Bear Market
Updated
I think in the last month we are beginning to see certain sectors of the market starting to crash, mostly technology sectors, like TSLA, AMD, NVDA, INTC,...
You really don't have to be expert chart analyst to see that the whole stock market, especially technology sectors are extremely overvalued. It has never been anything like it, really for the past 90 years. The closest thing stock market has ever experienced I've warned with my previous ideas about what chart patterns are being printed on the major indexes like DJI and SPX. Both are in the stratosphere.
Usually the first to finish the bull run are the big caps, from where money rotates into other sectors that are not that overvalued yet. I still expect the DJI to rise about 8% till finish so it does not mean that the whole stock market is bearish... TSLA probably is. It has reached beyond the full fib. extension over 6 year price range.
It also made a standard top formation, where it makes new ath (Jan. '21), then have a first major profit take, makes another new ATH that is only slightly higher from previous one, then it starts a bear market. I will show examples later on on such tops. If it crashes into 600-700 area expect the price to retrace closely to 1k area, before the real crash began.
Prices could eventually retest green rising trend line.
I am not a financial advisor so non of this should be taken as a financial advise.
TSLA
You really don't have to be expert chart analyst to see that the whole stock market, especially technology sectors are extremely overvalued. It has never been anything like it, really for the past 90 years. The closest thing stock market has ever experienced I've warned with my previous ideas about what chart patterns are being printed on the major indexes like DJI and SPX. Both are in the stratosphere.
Usually the first to finish the bull run are the big caps, from where money rotates into other sectors that are not that overvalued yet. I still expect the DJI to rise about 8% till finish so it does not mean that the whole stock market is bearish... TSLA probably is. It has reached beyond the full fib. extension over 6 year price range.
It also made a standard top formation, where it makes new ath (Jan. '21), then have a first major profit take, makes another new ATH that is only slightly higher from previous one, then it starts a bear market. I will show examples later on on such tops. If it crashes into 600-700 area expect the price to retrace closely to 1k area, before the real crash began.
Prices could eventually retest green rising trend line.
I am not a financial advisor so non of this should be taken as a financial advise.
TSLAComment
You can see such topping formation in the Ford chart
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.