Tesla Update: Structure says down, Count says up

Tesla has been a pain for about a month now. It's clear to me traders are very indecisive right now. However, when it does finally break, I feel bad for those on the wrong side. I feel it will be either a very swift move down to the yellow box completing a c wave of (ii) (ALT), or a very strong move up to complete wave (i) of 3.

Unless price breaches the blue 0.5 fib @ $227.72 or breaches our prior high of $252.75 we can chop here. I have wave iv marked as complete but that doesn't mean it is. To me, this recent price action is clearly corrective as of now. This means we are either still in wave iv or a mini wave 2 according to the primary count.

The ALT suggests we have already finished wave (i) and need a swift c wave down to complete the wave (ii) I mentioned earlier. If you are unsure get flat is some of the best advice my mentor gave me. I still have only 20 shares, but my stop is set at entry to help ensure no losses. If I get stopped out Oh well, I can just buy back in at a cheaper price. Either way, I'm unsure where price is headed next therefore, I stand pat. Let's hope tomorrow we finally start to move and breach some key areas.

Bonam Fortunam,
--Tyler

Trade closed: stop reached:

Stopped out of my 20 shares

Comment:

Looking more and more like my ALT will come to fruition. Looks like OML at the least is needed to me, but we're on pos div at this time so we will see.

Comment:

I will try to make a post on Tesla tonight. Needless to say, I wasn't very impressed with it's performance today.

Comment:

I got home late and don't have time for a new post. One thing I want to mention though is look at how lackluster the MACD on the hourly chart was. Now compare the MACD to Rivians today. That is what I wanted to see. As I said before I stand by my primary as of now, but the ALT is still in the game.