lots of uncertainty.... lots of downgrades coming...IT'S NOT TO MAKE LOTS OF CARS.... IT IS EASIER TO SELL A CONCEPT AND DREAM THEN MAKING A TANGIBLE PRODUCT!
So profit targets are $240 and $130... Not late to short...
From ProfitF:
The main rules of the Bullish and Bearish Butterfly patterns are as follows:
Butterfly Rules
AB can retrace up to 78.6% of the XA leg
BC can retrace between 38.2% – 88.6% of AB
CD can be an extension of 1.618% – 2.618% of AB
CD can also be an extension of up to 1.272% – 1.618% of XA leg
The point D is known as the PRZ or Potential Reversal Zone
From Point D, a trade can be entered with stops at or above (below) the price point at D.
Butterfly Target Levels
Once a position is entered at D, profits can be booked at 61.8% of CD with the second target at 127.2%. Despite the above rules, in real time such text book patterns that qualify every point of the swing legs do not form as expected, so traders should be a bit flexible while identifying the butterfly patterns.